Mexican Restaurants has announced a second authorisation to repurchase shares of its common stock under a stock repurchase programme.
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The company’s board of directors authorised management to implement a limited stock repurchase programme in a manner permitted under its bank financing agreement. Under this programme it may purchase from time to time up to a total of US$250,000 of its outstanding common stock. Any shares acquired would be held for general corporate purposes, including the offset of the dilutive effect on shareholders from the exercise of stock options under Mexican Restaurants’ stock benefit plans.
Mexican Restaurants completed the first phase of the stock repurchase program with the acquisition of 78,500 shares of its outstanding common stock for US$337,731. The company also purchased 11,175 vested options for US$13,400 and 9,400 common shares for US$40,068 from former employees and a former director.
Chairman Louis P. Neeb commented: “The board of directors believes that at this time a stock repurchase programme remains an excellent use of capital for its shareholders.”
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