Chattem's Board of Directors Authorizes an Additional $10 Million Repurchase Program.Business Editors CHATTANOOGA Chattanooga (chăt'ən  `gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. , Tenn.--(BUSINESS WIRE)--April 26, 2000
Chattem Chattem NASDAQ: CHTT is a Chattanooga, TN based producer and marketer of over-the-counter healthcare products, toiletries, dietary supplements, topical analgesics, and medicated skin care products. , Inc. (Nasdaq:CHTT), a Chattanooga, TN - based manufacturer of over-the-counter and health and skin care products, 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 Company to purchase up to an additional $10 million of its common stock from time to time in open market and privately negotiated transactions, at prevailing market prices beginning today. The Company stated that based on its current price to earnings multiple it believes its stock is significantly 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 represents an excellent value for its shareholders. The actual number of shares to be purchased will be determined by market conditions at the time of the transactions. In January, 1999, the Company received $10 million of authority to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares, pursuant to which 387,500 shares have been purchased at a total cost of $7.8 million. All forward looking statements are subject to the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. |
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