U.S. Home & Garden Announces New $3 Million Stock Repurchase Program
SAN FRANCISCO, Sep 27, 1999 (BUSINESS WIRE) -- U.S. Home & Garden Inc.
(Nasdaq: USHG) today announced that its Board of Directors has approved
a new stock repurchase program. Under the program, the Company is
authorized to repurchase common shares with an aggregate purchase price
of $3 million in privately negotiated or open market transactions,
including purchases of shares for use under various employee stock
plans. Based on the closing price of $2.25 on September 24, 1999, this
represents approximately 1.344 million shares of common stock. The
Company also stated that its previous 2.1 million share repurchase
program, authorized in 1998, has been substantially completed.
Robert Kassel, Chairman and CEO of U.S. Home & Garden, stated, "We are
pleased with the new stock buyback authorization and the increased
capability it provides to take advantage of the attractive buying
opportunity resulting from our currently undervalued share price. This
action represents another strong vote of confidence by our Board in
U.S. Home & Garden's strength and future performance."
U.S. Home & Garden Inc. is a leading manufacturer and marketer of a
broad range of consumer lawn and garden products including weed
preventative landscape fabrics, weed trimmer replacement heads,
fertilizer spikes, decorative landscape edging, shade cloth and root
feeders which are sold under various recognized brand names including
Weedblock(R) , Jobe's(R), Weed Wizard(TM), Emerald Edge(R), Shade
Fabric(TM) Ross(R), and Tensar(R). The Company markets its products
through most large national home improvement and mass merchant
retailers.
To learn more about U.S. Home & Garden Inc. business, visit its website
at www.easygardener.com/ushg.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Certain statements contained in this press release that
are not historical facts are forward looking statements that involve a
number of known and unknown risks, uncertainties and other factors that
could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance
or achievement expressed or implied by such forward looking statements.
These risks and uncertainties include, but are not limited to,
statements involving the ability of the Company to successfully
integrate any future businesses or product lines acquired into existing
operations, the Company's growth strategy, customer concentration,
outstanding indebtedness, dependence on weather conditions,
seasonality, expansion, and other activities of competitors, changes in
federal or state environmental laws and the administration of such
laws, protection of trademarks and other proprietary rights, the
general condition of the economy, uncertainty relating to the Company's
Year 2000 compliance efforts and the possible failure of key suppliers
and customers to be Year 2000 compliant, and other risks detailed in
the Company's Securities and Exchange Commission filings. The words
"anticipate" and "intend" and similar expressions identify
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements which speak only as of the
date the statement was made.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
CONTACT: U.S. Home & Garden Inc.
Robert L. Kassel, President
(415) 616-8111
or
Cameron Associates
Kevin McGrath
(212) 245-8800
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA NEW YORK GEORGIA
INDUSTRY CODE: BUILDING/CONSTRUCTION
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