Interesting. Looks like a true kamikaze buyback program, relative to their net worth. From the latest 10Q:
During the first three months of 1998, the Company purchased approximately
396,500 shares of common stock for $24.8 compared to approximately 532,500
shares purchased for $30.2 during the first three months of 1997. As of March
31, 1998, the cumulative number of shares repurchased under the three-year
stock repurchase program which ended in February 1997 was approximately
12,664,000 shares for a total cost of approximately $424.4. Under a new
repurchase program, which began in February 1997, the Company repurchased approximately 2,235,400 shares at a total cost of approximately $134.2 as of
March 31, 1998. Under this new program, the Company may buy back up to $500
million of its currently outstanding common stock through open market
purchases over a period of up to three to five years.
And, unlike many companies that announce buybacks to hype their stocks, they are actually buying their shares at a price/book well into double digits.
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