Family Dollar repurchase program builds value for shareholders
06 Nov '07
1 min read
Family Dollar Stores Inc announced that the Company's Board of Directors has authorized the Company to purchase from time to time, as market conditions warrant, an additional $150 million of the Company's common stock.
The purchases could be made in the open market, in private transactions, or otherwise. The Company expects to fund the stock repurchase with cash from operations.
“We continue to believe that our stock is an attractive investment and that our share repurchase program builds value for shareholders,” said Howard Levine, Chairman and CEO.
The Company initiated its share repurchase program in October 2002. During the fiscal year ending September 1, 2007, the Company purchased in the open market approximately 8.2 million shares of the Company's common stock at a cost of about $257.5 million. In September 2007, the Company purchased the remaining 2.9 million shares available under previous authorizations.
Family Dollar also announced that the Company's Board of Directors had declared a regular quarterly cash dividend on the Company's Common Stock of $.11-1/2 per share, payable January 15, 2008, to shareholders of record at the close of business on December 14, 2007.
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