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Snack maker Lance Inc. plans to repurchase up to 1 million shares of the company's common stock. The share repurchase was authorized earlier in 2005 by the board of directors and extends through Jan. 31, 2006.
Shares may be repurchased in the open market, through privately negotiated transactions or otherwise, depending on market conditions, share availability and other factors. The repurchases will be funded with available cash and existing borrowing facilities and may be commenced or suspended at any time without prior notice. The company may repurchase shares under a Rule 10b5-1 plan to provide greater flexibility.
"We believe that this repurchase program is an excellent opportunity to build long-term value for our stockholders and demonstrates the confidence we have in our company," said David Singer, president and chief executive officer of Lance Inc. "Our strong balance sheet and cash flow enable us to repurchase shares while investing in our strategic growth plans."
Lance Inc. manufactures and markets snack foods throughout most of the United States and other parts of North America.