From the si RXSD thread,|
BOCA RATON, Fla., Sept. 29 /PRNewswire/ -- Rexall Sundown, Inc.
(Nasdaq: RXSD) today announced that its Board of Directors has authorized a
share repurchase program, which will allow the Company to buy up to $100
million of its common stock.
Under the terms of the program, which has no expiration date, the Company
expects to buy shares from time to time in the open market or in privately
negotiated transactions, depending on market conditions and other factors. At
yesterday's closing price of $16 1/4, the repurchase program would allow the
Company to buy approximately 8.5% of the total common stock outstanding or
nearly 17% of the shares in the public float. As of May 31, 1998, the end of
its third fiscal quarter, Rexall Sundown had $99.6 million in cash and
marketable securities and no long-term debt on its Balance Sheet.
"The action taken by the Board of Directors reflects our continued
confidence in the Company, its future growth potential and our positive
outlook regarding the long-term fundamentals of the vitamin and nutritional
supplement industry," said Carl DeSantis, Chairman of the Board. "The Board
believes that this repurchase program represents an attractive investment
opportunity which will benefit our shareholders."