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NVR, Inc. Announces Stock Repurchase
FOR IMMEDIATE RELEASE
CONTACT: Paul Columbus
OFFICE: 703/761-2414
October 9, 1998 -- McLean, VA -- NVR, Inc. (AMEX: NVR) announced today that its Board of Directors has authorized the repurchase of up to $30 million of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began more than four years ago and is consistent with NVR's strategy of maximizing shareholder value.
The Company also said it expects to exceed the consensus estimate for third quarter earnings.
NVR, which currently has 10,815,024 shares of common stock outstanding, is headquartered in McLean, Virginia and is one of the largest homebuilders in the United States.