Houston-based Mexican Restaurants has substantially completed the first phase of its previously announced stock repurchase programme, with the acquisition of 78,500 shares of its outstanding common stock for US$337,731. The firm's management said that they intend to recommend to the board of directors further repurchase of shares up to the US$350,000 limit authorised and to request a second similarly sized authorisation sometime during the Q3. The company also purchased 10,050 vested options for US$11,236 and 9,400 common shares for US$40,068 from former employees and a former director.