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.”
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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.”
About Galaxy Foods Company
Galaxy Foods Company is a leading producer of health-promoting dairy and dairy related alternatives for the retail, foodservice and industrial markets. The Company’s plant-based products are low or no fat (no saturated fat), have no cholesterol and no lactose and contain more vitamins and minerals than conventional dairy products. Galaxy products, available at health food stores and grocers, are part of the nutritional or functional food category, the fastest growing segment of the retail food market. Galaxy brand names include Veggie Slices(TM), Veggie Milk(TM), formagg®, Soyco®, Soymage®, Wholesome Valley(TM), and Lite Bakery®. For more information, please visit the Company’s web site at www.galaxyfoods.com.
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, or other factors which may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements which speak only as of the date hereof. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
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