USA: Albertson's, Inc., reaffirms existing $500 million stock purchase program
Albertson's, Inc. (NYSE:ABS), Board of Directors has reaffirmed the $500 million stock purchase program authorized on April 25, 2000. The stock purchase program authorizes, but does not require, the Company to purchase and retire up to $500 million of the Company's common stock during the period beginning April 25, 2000, and ending April 30, 2001. The timing and quantity of such purchases, if made, are at management's discretion. Since the announcement of the program, the Company has purchased a total of 4,093,000 shares of common stock at a total cost of $121 million. "In addition to laying the groundwork for a successful future -- through focused sales initiatives and cost reduction programs -- the Company also consistently generates strong cash flows. We use this cash flow to enhance current markets and stores, but we also feel buying our stock is a great investment for the Company," said Gary Michael, chairman and chief executive officer of Albertson's. "Our stock purchase program gives us an opportunity to purchase shares at a time when the current stock price, in our opinion, does not reflect the true value of this profitable Company." Albertson's, Inc., is one of the largest retail food and drug chains in the United States. Based in Boise, Idaho, the Company currently operates over 2,500 retail stores in 36 states across the United States. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause actual results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-Q.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- Why personalisation will take-off in US food
- US food next wave on display at Winter Fancy Food
- Analysis: Chocolate sector's deforestation pledge
- UK own-label firm Park Cakes sold in MBO
- Kraft Heinz cuts jobs in US, Canada
- Immigration crackdown "risk" for US dairy industry
- Fonterra cuts earnings forecast
- Unilever invests in Dutch meat substitute project