Buffets, Inc. Announces Stock Repurchase Authorization.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.--(BUSINESS WIRE)--June 3, 1999-- Buffets, Inc. (Nasdaq: BOCB) announced today that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the expenditure of up to an additional $40 million for the purchase of outstanding shares of Buffets, Inc. common stock, to be effected from time to time in transactions on the NASDAQ National Market or otherwise. The Company has approximately 42,653,407 shares of common stock outstanding. On May 12, 1998, the Company's Board of Directors previously authorized the expenditure of up to $40 million for the purchase of outstanding shares of the Company's common stock. As of June 3, 1999, the Company had repurchased a total of 3,486,000 shares at an average of $10.94 per share or $38.1 million. Buffets, Inc. is the largest operator of buffet style restaurants, with 389 restaurants (255 Old Country Buffet Old Country Buffet is a buffet-style, sit-down restaurant chain headquartered in Eagan, Minnesota with locations throughout the United States. Menu Items Old Country Buffet restaurants feature a wide spread of menu items, in the following categories: Its wide selection of food include pizza, hot dogs, hot wings, sliced ham among many others. (R), seven Original Roadhouse road·house n. An inn, restaurant, or nightclub located on a road outside a town or city. roadhouse Noun a pub or restaurant at the side of a road Noun 1. Grill(SM), two Tahoe Joe's Famous Steakhouses(R), two Country Roadhouse Buffet & Grill(SM) and one Country Harvest Buffet(TM)) in 34 states and franchises 24 restaurants (five Old Country Buffet and 19 HomeTown Buffet) in ten states. This press release contains a forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding potential purchases by the Company of Buffets, Inc. common stock. Although the Board of Directors has authorized the purchase of Company common stock, there is no certainty that such purchases will occur, or at what level. |
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