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SANFORD, N.C -- The Pantry Inc.'s Board of Directors authorized a share repurchase program of up to $35 million for each of fiscal 2007 and fiscal 2008, but not to exceed an aggregate of $50 million, the company reported.
The program authorizes the company to repurchase shares of the its common stock until Sept. 25, 2008, in open market or private transactions, the company reported. The Pantry has no obligation to repurchase shares under the program and the program may be suspended or terminated at any time, the company stated.
"Consistent with our goal to deliver long-term value to our stockholders, we believe this stock repurchase program will allow us to be opportunistic in buying shares of our stock when favorable market conditions exist while continuing our strategy to selectively pursue acquisitions and develop new stores," said Peter J. Sodini, president and CEO of The Pantry, in a written statement.
As of Aug. 6, 2007, the company had approximately 22.9 million shares of common stock outstanding, and it expects to use available cash to finance these purchases, the company reported, stating it will determine the timing and amount of stock repurchases based on its evaluation of market conditions, relative returns on alternative uses for cash, and other factors.