Re: New PR on share buyback
in response to
by
posted on
Sep 27, 2007 03:33PM
To date we’ve acquired more than 18 million of our own shares under a program that began back in July of 2006 when the management and the Board of Directors felt that our stock was undervalued in the market and that this would be a prudent use of corporate funds. We’ve suspended share repurchases for a while because I no longer believe this is the best use of the company’s cash at this time. Although we still believe our shares are undervalued, I strongly believe we can put that money to better and more profitable use elsewhere.
Common stock held in treasury, at cost - 13,467,527 shares at May 31, 2007.
Looks like approximately 5,000,000 purchased since May 31, 2007.
Be well