Morrison Management Specialists, Inc. today announced that its Board of Directors authorized the repurchase of an additional one million shares of common stock from time to time in open market and other negotiated transactions.
The Company currently has an ongoing stock repurchase program which was authorized by the Board of Directors in March 1998. Share repurchases are funded through the Company’s strong cash flow from operations. During the fourth quarter ended May 31, 2000, the Company repurchased 571,620 shares at an average per share price of $25.28. Since the inception of the program to date, the Company has repurchased approximately 1.9 million shares, representing 95% of the two million shares previously authorized. These shares were acquired at an average per share price of $19.77.
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“We remain committed to maximizing shareowner value,” commented Glenn Davenport, chairman and chief executive officer. “Our stock repurchase plan provides an excellent way to invest our excess cash and return capital to our shareowners.”
The timing and actual number of shares that will be purchased will depend on a variety of factors, including the Company’s liquidity and financial resources, and the market price of the stock and other market conditions. The Company may, at its discretion, extend or terminate the stock repurchase program at any time. As of May 31, 2000, the Company had approximately 13,345,000 common and equivalent shares outstanding.
The Company also announced that, at its regularly scheduled meeting today, the Board of Directors declared a cash dividend of $0.04 per share, payable on July 31, 2000 to shareowners of record on July 14, 2000.
Morrison Management Specialists, Inc. is the nation’s second largest company in healthcare foodservice. The Atlanta-based Company specializes in providing food, nutrition and dining services to the hospital and senior living markets. Morrison serves some of the largest and most prominent integrated healthcare systems, hospitals and senior living communities in the United States.
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By GlobalDataThis news release may contain “forward-looking” statements, which represent the Company’s expectations or beliefs concerning future events. The Company cautions that a number of important factors could, individually or in the aggregate, cause actual results to differ materially from such forward-looking statements including, without limitation, the following: health care spending trends; the growth of systems and group purchasing organizations; changes in health care regulations; increased competition in the health care food and nutrition market; customer acceptance of the Company’s cost savings programs; and changes in laws and regulations affecting labor and employee benefit costs.
