Bridgford Foods Announces Stock Repurchase Program; Company to Repurchase Up to 1,000,000 Shares of Its Common Stock.ANAHEIM, Calif.--(BUSINESS WIRE)--Dec. 15, 1999-- Bridgford Foods Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BRID n. 1. A bird. ) Wednesday announced that its board of directors has approved the repurchase of up to 1,000,000 shares, or approximately 9%, of its outstanding common stock. The company believes the stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. in the current market and that the repurchase program is a good investment of available funds. The repurchase will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The company has engaged Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. to manage the repurchase program. Bridgford Foods recently announced record sales and earnings for the fiscal year ended Oct. 29, 1999. Last month, the board of directors increased the regular quarterly cash dividend rate from $0.06 to $0.07 per share. Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, processed meats, dry sausages and other convenience food products, currently has five major plants located in California, Texas, Illinois, and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . |
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