Craftmade International, Inc. Announces Stock Purchase Program
COPPELL, Texas, Nov. 15 /PRNewswire/ -- Craftmade International, Inc. (Nasdaq: CRFT) announced today that its Board of Directors has approved the purchase of up to 250,000 shares of its common stock in the open market and in privately negotiated transactions, subject to prevailing market conditions. The company is interested in buying the shares of common stock because it believes they are undervalued.
Craftmade currently has approximately 6.98 million shares of common stock outstanding. The closing sale price of its common stock on Friday, November 12, 1999, as reported on the Nasdaq National Market System, was $8.00.
Craftmade International, Inc. is engaged in the design, distribution and marketing of ceiling fans, light kits and accessories manufactured to its specifications. The company currently markets over two dozen fan designs, nearly 80 lighting fixture models and over 100 interchangeable pieces of crystal and glass under its Craftmade brand and nearly two dozen styles of bathstrip lighting and over 40 designs of outdoor lighting under its Accolade trade name to more than 1,600 retail outlets with no outlet representing more than 2% of this division's sales.
The company's wholly-owned subsidiary, Trade Source International, Inc., is engaged in the design, distribution and marketing of outdoor lighting fixtures to major retail home improvement chains, including Lowe's, Home Depot and Wal-Mart.
For additional information on Craftmade International, Inc. free of charge via the Internet, please go to tirc.com
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SOURCE: Craftmade International, Inc.
CONTACT: Investor Relations at Craftmade International, 972-393-3800, ext. 166, Investorrelations@craftmade.com; or Tom Laughran or Woody Wallace, both of The Investor Relations Company, 847-564-5610 |
