CareMatrix announces share repurchase program.CareMatrix Corporation announced a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program in which the Needham Needham (nēd`əm), town (1990 pop. 27,557), Norfolk co., E Mass., a suburb of Boston; founded 1680, set off from Dedham and inc. 1711. Although largely residential, paper products, electronic equipment, software, and other items are manufactured there. , Massachusetts-based assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. company will offer to purchase up to one million shares of its outstanding common stock from time to time in open market transactions. CareMatrix Chairman Abraham Gosman said in a statement, "We consider the shares of CareMatrix 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. and this action reiterates our confidence in our growth prospects, especially in light of the strong 1998 results. The company announced that it had doubled revenues and nearly tripled earnings in 1998 as compared to 1997." At press time in early March, CareMatrix shares were trading at $21. |
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