US: Vermont Pure Holdings completes share repurchase
Vermont Pure Holdings has completed the purchase of 250,000 shares of its common stock.
The US home and office distributor's directors this week approved a plan to continue to repurchase shares of its common stock in the public market up to a limit of an additional 250,000 shares.
Vermont currently has around 21.5m shares of its common stock outstanding and expects to use funds provided from operations to repurchase stock.
The US bottler and distributor also intends to enter into an issuer repurchase plan with a broker pursuant to SEC rule 10b5-1 to facilitate the repurchase of shares.
Last month Vermont posted strong sales growth in the first six months of fiscal year 2008, up by 9% year-on-year to $33.8m. Gross profit increased 10% in the first half of 2008 to $18.9m, while net income increased by 40% to $983,000.
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