Stock Repurchase Program Analysis
Mason,
The recent stock repurchase news release confirms that Immucor has been intensifying their efforts in this area. As of May '98 Immucor's the 10-K stated "Through May 31, the Company repurchased approximately 103,000 shares of its common stock for $877,000 under the program." The recent news release dated August 26th reveals "To date 582,000 shares have been purchased under the 1997 program." Looks as though Immucor bought 479,000 shares in the last three months. The total shares purchased under the original program represents 7.18% of the outstanding shares.
The above tells me that management really believes their stock is undervalued based on future internal earnings projections and potential. In fact, they just announced that the board of directors has authorized the company to repurchase up to an additional 800,000 shares of its common stock.
I am impressed!
Regards,
Tom |
