Rocky Mountain Chocolate Factory, which franchises gourmet chocolate and confection stores and manufactures premium chocolates and other confectionery products, has said that its board of directors has approved the repurchase of an additional US$2m of the company’s outstanding common stock.
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The purchases will be made in the open market, or in private transactions, whenever deemed appropriate by management. The timing of any such transactions will depend on a variety of factors, including market conditions, and the program may be suspended or discontinued at any time.
During the past seven years the company has repurchased approximately 3,174,783 shares of its common stock (adjusted for stock splits and stock dividends) under previous repurchase authorizations at an average price of $4.02 per share.
“In light of the fact that the company generated an after-tax return on beginning shareholders’ equity of more than 29% in Fiscal 2006 and expects another record year in Fiscal 2007, we view the repurchase of our common stock as an attractive opportunity for our shareholders,” stated Bryan Merryman, chief operating officer and chief financial officer of Rocky Mountain Chocolate Factory.
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