BOCA RATON, Fla., Sept. 29 /PRNewswire/ -- Rexall Sundown, Inc.
(Nasdaq: RXSD) today announced that its Board of Directors has authorized a
share repurchase program, which will allow the Company to buy up to $100
million of its common stock.
Under the terms of the program, which has no expiration date, the Company
expects to buy shares from time to time in the open market or in privately
negotiated transactions, depending on market conditions and other factors. At
yesterday's closing price of $16 1/4, the repurchase program would allow the
Company to buy approximately 8.5% of the total common stock outstanding or
nearly 17% of the shares in the public float. As of May 31, 1998, the end of
its third fiscal quarter, Rexall Sundown had $99.6 million in cash and
marketable securities and no long-term debt on its Balance Sheet.
"The action taken by the Board of Directors reflects our continued
confidence in the Company, its future growth potential and our positive
outlook regarding the long-term fundamentals of the vitamin and nutritional
supplement industry," said Carl DeSantis, Chairman of the Board. "The Board
believes that this repurchase program represents an attractive investment
opportunity which will benefit our shareholders."
Rexall Sundown, Inc. develops, manufactures and distributes vitamins,
nutritional supplements and other consumer health products. Visit the
Company's website at http://www.rexallsundown.com.
This Press Release may contain "forward-looking statements" as such term
is defined in the Private Securities Litigation Reform Act of 1995 or by the
Securities and Exchange Commission in its rules, regulations and releases,
which represents the Company's interpretation or beliefs. These forward-
looking statements, by their nature, involve substantial risks and
uncertainties, certain of which may be beyond the Company's control and actual
results may differ materially depending on a variety of important factors
including uncertainties related to acquisitions, government regulation,
managing and maintaining growth, the effect of adverse publicity, reliance on
independent distributors of Rexall Showcase, competition and other factors
described in the Company's filings with the Securities and Exchange
Commission.
To receive additional information on Rexall Sundown, Inc., via fax at no
charge, dial 1-800-PRO-INFO and enter code RXSD.
SOURCE Rexall Sundown, Inc.
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Related links:
http://www.rexallsundown.com
CONTACT:
Geary Cotton, Chief Financial Officer of
Rexall Sundown, 561-241-9400, ext. 1500; or General Information,
Karen Griffiths, or Analyst Information, Lynn Sawyer,
212-661-8030, both of The Financial Relations Board
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