Recap of buyback program
BioSource Intl sets share buyback
CAMARILLO, Calif., Aug 17 (Reuters) - BioSource
International Inc. on Monday said its board authorized the
repurchase of up to 250,000 additional shares of company
common stock, continuing a buyback program begun last
year.
The current authorization runs for a 12-month period
beginning today.
From our perspective, there is no rational explanation for
the current trading level of the Company's stock," said
James H. Chamberlain, chairman,president and chief
executive officer of BioSource International, Inc."We
believe this represents an excellent buying opportunity and
we are acting on it to express our confidence and improve
overall shareholder value."
The Company has purchased all of the 1.2 million shares of
stock authorized by the Board since the start of the
program, at an average share price of $6.44. During the
quarter ended June 30, 1998, a total of 450,000 shares
were purchased at an average cost of $6.74 per share In
light of the recent price range of the Company'stock, the
Board determined to continue purchasing shares, which it
considers to be an excellent investment.
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