The board of Catalina Marketing Corp. has authorized $100 million of funds to be available for the repurchase of the company’s common stock.
This authorization replaces the unused portion of the $75 million repurchase program authorized by the board in July 2001. As of June 30, 2002 the company had repurchased just under 2 million shares for a total of $59.2 million under the July 2001 repurchase program.
From September 1994 through June 2002, the company has repurchased approximately 14.1 million shares totaling $236.9 million.
“The repurchase authorization reflects the continued confidence that the board of directors and management have in Catalina’s future and is consistent with the company’s ongoing strategy to build value for our shareholders,” CFO Christopher W. Wolf, said in a statement. “Catalina’s high levels of profitability and cash flow allow the company to return value directly to our shareholders and still focus on investing in strategic initiatives to drive future growth.”
Catalina Marketing is based in St. Petersburg, FL.
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