Damark International, Inc., Minneapolis, will repurchase up to 1 million shares of its Class A Common Stock in the indeterminate future. The company has purchased 1.95 million of the 2 million shares authorized under the prior buyback announced on Sept. 15, 1998. The new repurchase program plus the remaining 50,000 shares under the previous program represent approximately 18.9% of its 5.5 million shares outstanding.
“We do not believe that our current share price properly reflects the significant value of our existing businesses and growth opportunities,” said Damark’s chairman and CEO Mark A. Cohn, in a statement. “We believe that repurchasing our stock represents an excellent method of increasing long-term value for our shareholders.”
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