NBTY Announces Stock Repurchase Program
BOHEMIA, N.Y., March 11 /PRNewswire/ -- NBTY, Inc. (Nasdaq: NBTY) today announced that its Board of Directors has authorized the Company to repurchase up to twenty million shares of its common stock. The shares may be purchased from time to time in the open market, subject to market conditions. The Company currently has approximately 70 million shares of common stock outstanding.
Scott Rudolph, Chairman and Chief Executive Officer of NBTY, Inc., said, "At its current price, we believe that the Company's stock is undervalued, and that the purchase of shares is a means of enhancing stockholders' value. The repurchase program reflects our ongoing confidence in the future of our Company."
NBTY is the leading vertically integrated manufacturer and marketer of a broad line of high quality, value-priced nutritional supplements in the United States and the United Kingdom. The Company markets more than 1,000 products under several brands including Nature's Bounty(R), Vitamin World(R), Puritan's Pride(R), Holland & Barrett(R), Nutrition Headquarters(R), American Health(R) and Natural Wealth(R).
This release contains statements relating to future results of the Company and the Company's market share in the industry (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual purchases of shares under this program may be influenced by market performance, demand for, and availability of, the Company's shares as traded on Nasdaq.
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