Tim Hortons resumes share repurchase program

Tim Hortons to resume share repurchase program, may spend up to 150 million Canadian dollars

• On 11:47 am EDT, Friday October 30, 2009

PORTLAND, Ore. (AP) -- Restaurant operator Tim Hortons Inc. said Friday that it will resume a share repurchase program in its fourth quarter.

The Canada-based company announced in May that it would defer the program due to a restructuring. Tim Hortons said it now expects to spend up to 150 million Canadian dollars ($138.7 million) during the remainder of the repurchase program, which ends in March 2010.

Tim Hortons said its confidence in its ability to generate cash flow and efficiency in its new corporate structure prompted the decision to resume the program.

The company has already spent 16.7 million Canadian dollars ($15.4 million) to repurchase roughly 600,000 shares.

U.S.-listed shares of Tim Hortons fell 72 cents, or 2.4 percent, to $28.92 in morning trading.