Span-America Board Authorizes Repurchase of 100,000 Shares
Span-America Board Authorizes Repurchase of 100,000 Shares Tuesday February 17, 1:18 pm ET
GREENVILLE, S.C.--(BUSINESS WIRE)--Span-America Medical Systems, Inc. (NASDAQ: SPAN - News) announced today that the Board of Directors authorized the repurchase of 100,000 shares of Company common stock.
“We believe Span-America’s stock represents an attractive investment at recent prices,” stated Jim Ferguson, president and chief executive officer of Span-America. “The stock repurchase program will leverage our strong balance sheet and excellent cash flow from operations. We remain very positive about the Company’s future based on our strong suite of products in our core medical business and additional opportunities to grow our consumer sales.”
The share authorization extends the program announced in November 2007 that approved the repurchase of 5% of the Company’s outstanding stock. To date, the Company has repurchased 93,430 shares of the 138,772 shares authorized under the original plan.
As part of Span-America’s stock repurchase program, the Company plans to buy shares from time to time in the open market or in private transactions, depending on market conditions. The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock