It has been a busy day for Fingerhut. Also announced a share buyback program.
Note their holdings in the last paragraph.
Tuesday November 24, 7:02 am Eastern Time
Company Press Release
Fingerhut Board Authorizes 2.5 Million Share Repurchase Program
Completes Previous Repurchase Program
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 24, 1998-- Fingerhut Companies, Inc. (NYSE: FHT - news) today announced that
its board of directors has authorized the repurchase of up to 2.5 million shares from time to time in open market transactions. The current buyback replaces Fingerhut's
previous share repurchase program of 2.5 million shares, which was completed in October. At Sept. 25, 1998, Fingerhut had 50.2 million shares of common stock
outstanding.
''At current price levels, we believe Fingerhut stock represents an attractive investment opportunity for the company,'' said Gerald Knight, Fingerhut executive vice president
and CFO. ''The new stock repurchase program reflects Fingerhut's strong financial position, our board's continued confidence in the company's long-term growth prospects
and our commitment to the creation of value for our shareholders.''
Fingerhut Companies, Inc. is a leading database marketing company selling a broad range of products and services through catalogs, direct marketing and the Internet. The
Company also owns Figi's, a food and gift catalog company, Arizona Mail Order, a catalog apparel company, and Popular Club, a membership-based cataloger of general
merchandise. Fingerhut owns approximately 20 percent of PC Flowers & Gifts, an Internet retailer. Based in Minnetonka, Minnesota, the Company and its subsidiaries
employ approximately 9,000 people. Fingerhut can be found on the Internet at www.fingerhut.com, www.andysgarage.com, www.thehut.com and www.pcflowers.com.
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