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."
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 16 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
- Nestle India grows with global, digital innovation
- How Nestle tackles Indian challenges - interview
- Lamb Weston goes it alone: six things to learn
- Analysis: Tyson's shrewd investment in Beyond Meat
- Thailand: convenience to continue to thrive
- Mars launches Maltesers in the US
- Bel takes majority stake in MOM Group
- Campbell backs US nutrition start-up Habit
- Mondelez focuses on margins as sales slip
- Nestle's Buitoni to remove GMOs
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Packaged Food: Quarterly Statement Q3 2016
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Meat Processing in China - Industry Market Research Report