Usana today announced that its board of directors has authorized an additional $40 million for share repurchases of its outstanding common stock.
Since 2000, when the share repurchase program was instituted, the company has repurchased approximately 10.3 million shares for $270.2 million. Importantly, the company has largely used its cash flow from operations to fund its share buyback program. Today’s $40 million authorization will be in addition to the approximately $3.9 million currently available in its share repurchase plan. USANA has 15,773,894 common shares outstanding as of August 31, 2010.
Repurchases will be made in accordance with USANA’s active share repurchase program in the open market, through block trades or otherwise. The number of shares to be purchased and the timing of purchases will be based on market conditions, the level of cash balances, general business opportunities, and other factors.
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