Jonathon, People forget that RMDY also authorized a share buyback plan and we are in (actually below) the buyback plan's current average cost range right now... From RMDY's March SEC 10K Filing:
Cash provided by operating activities in 1998, 1997 and 1996 was $29.1 million, $41.1 million and $30.9 million,respectively, of which net income was a significant component in each year. In all three years, cash from operations was used to support the Company's working capital requirements, as such requirements expanded, and in all three years the Company experienced significant growth in receivables, accompanying the Company's increased sales volumes, partially offset by growth in deferred revenue balances.
On August 5, 1998, the Board of Directors authorized management of the Company to repurchase up to 3 million shares or approximately 10 percent of the Company's outstanding shares of common stock over the next twelve months. The Company plans to purchase the shares on the open market from time to time, depending on market conditions. The repurchases will be funded from the Company's cash and short-term investments. At December 31, 1998, the Company had repurchased a total
of approximately 1.1 million shares of the Company's stock at an average price of $12.50 for approximately $14.0 million. |
