Weight management and fitness products provider NutriSystem yesterday (1 August) announced that its board has approved the repurchase of up to US$50m of its outstanding common shares.
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Under the terms of the programme, the company will repurchase the shares in open market transactions on Nasdaq. The timing and actual number of shares to be bought will depend on a variety of factors, the company said, including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions.
As of 30 June, 2006, NutriSystem had 36.3m shares outstanding.
Michael J. Hagan, chairman, president and CEO, commented: “We are confident that NutriSystem will continue to generate strong cash flow as it grows and, at this time, we think a stock repurchase programme offers us the best use for that cash.”
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