Does anyone have any info on this stock buyback announced a while ago? Plans to purchase, at pre-split times, 1,000,000 of the 16,500,000 shares. Does that double now because of the split? By looking at the quarterly reports shares used in per-share calculations, it doesn't look like they started yet, but I will look more. Does anyone else know about this? This could also bring up the earnings if the shares are bought back too.
I think that most investors will be surprised at the earnings when they are announced. I also agree with the thought that management made it sound worse than it was, 1. To get it over with, and 2. To buy back more shares, REAL cheap.
Here is the press release from May 15:
VIVUS Announces Stock Repurchase Program for up to 1,000,000 Shares
Business Editors/Health & Medical Writers
MENLO PARK, Calif.--(BW HealthWire)--May 15, 1997--VIVUS, Inc. (NASDAQ:VVUS) today announced that its board of directors approved a stock repurchase program to purchase up to 1,000,000 shares of its Common Stock.
Under the program, the company will purchase shares in the open market from time to time. VIVUS has approximately 16.5 million shares of Common Stock currently outstanding.
Lee Wilson, president and CEO of the company, stated, "VIVUS views our shares to be an undervalued investment opportunity given the company's outstanding financial performance and growth potential. The implementation of a stock repurchase program reflects our continued confidence in the company, our management team and our long-term growth prospects."
I am definitely holding and adding!
Ed |
