Linda, regarding the stock purchases
The following is from the earnings press release
<<<At December 31, 1997, the Company reported a cash balance of $73,761,823. As of December 31, 1997 common shares outstanding were 11,480,423. On December 12, 1997 the Company announced that the Board of Directors had authorized it to repurchase up to $10,000,000 of common stock. As of March 30, 1998 the Company had repurchased 288,300 shares (including 61,500 shares repurchased in December 1997) at an aggregate average price of $18.42 per share. As of March 30, 1998 Zonagen had approximately $62 million in cash and 11.3 million shares outstanding.>>>
This should clear up some of the questions regarding number of shares purchased by 3/30, cash burns & balances. They went through 12 million in the first qtr. compared to ~$10 million in 4th qtr 97. Looks like they spent $5 million for the stock they purchased.
Don't think they've been playing the game your describing, IMHO. |
