USA: Galaxy Foods Authorizes Repurchase of Up to 100,000 Shares of Common Stock
Galaxy Foods Company (AMEX: GXY), a leading producer of nutritional, health-promoting dairy and dairy related alternatives for the retail, foodservice and industrial markets, today announced that its Board of Directors has authorized the repurchase of up to 100,000 shares of the total 9.2 million shares of outstanding common stock. Purchases may be made in the open market from time to time over the next several months, depending on market conditions. Keith Ewing, Chief Financial Officer of Galaxy Foods, stated, "At current market prices, we feel Galaxy shares have been overlooked by the investment community and represent an excellent use of capital. Our intention is to use the stock to finance future capital projects and reduce debt. Building our business, combined with periodic share repurchases pursuant to this authorization, will further support our goal of enhancing shareholder value." Angelo Morini, Chairman and Chief Executive Officer of Galaxy added, "Given Galaxy's excellent market position, expanding product lines and prospects for strong revenue and earnings per share growth in the current fiscal year and beyond, we have authorized a share buyback. Additionally, I and other members of senior management intend to affirm our confidence in Galaxy's future through open market share purchases."
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