Del Monte Foods Company Announces $200 Million Share Repurchase Authorization.SAN FRANCISCO -- Del Monte Foods Del Monte Foods (NYSE: DLM) is an American food production and distribution company based in San Francisco, California. It offers canned goods in Del Monte, S&W and Contadina brands, pet foods under Kibbles n' Bits, 9Lives, Pounce, Milk-Bone and several premium brands, Company (NYSE NYSE See: New York Stock Exchange : DLM See ILM. DLM - Distributed Lock Manager on distributed VMS systems. ) today announced that its Board of Directors has authorized the Company to repurchase up to $200 million of the Company's common stock over the next 36 months. Currently, the Company has approximately 202.5 million shares of common stock outstanding. "This 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 is enabled by our strong cash flow and reflects our confidence in Del Monte's long-term growth prospects," said Richard G. Wolford, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Del Monte Foods. "Having an established share repurchase program enhances our flexibility, including our ability to respond opportunistically to marketplace changes. We believe repurchasing shares is consistent with both our disciplined approach to capital allocation and commitment to returning value to shareholders." Repurchases of the Company's common stock may be made from time to time, through a variety of methods, including open market purchases, privately negotiated transactions, and block transactions. Del Monte Foods Company has no obligation to repurchase shares under the authorization, and the timing, actual number and value of the shares which are repurchased will be at the discretion of management and will depend on a number of factors, including the price of the Company's common stock. The Company may suspend or discontinue repurchases at any time. About Del Monte Foods Del Monte Foods is one of the country's largest and most well known producers, distributors and marketers of premium quality, branded food and pet products for the U.S. retail market, generating more than $3.4 billion in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in fiscal 2007. With a powerful portfolio of brands including Del Monte([R]), StarKist([R]), S&W([R]), Contadina([R]), College Inn([R]), Meow Mix([R]), Kibbles 'n Bits Kibbles 'n Bits is a brand name of dog food manufactured and marketed by Del Monte Foods. It was originally created in 1981 as the first dual textured dog food, having soft chewy pieces as well as hard crunchy ones. In 1995, the brand was acquired by Del Monte. ([R]), 9Lives([R]), Milk-Bone([R]), Pup-Peroni([R]), Meaty Bone([R]), Snausages([R]) and Pounce([R]), Del Monte products are found in nine out of ten U.S. households. The Company also produces, distributes and markets private label food and pet products. For more information on Del Monte Foods Company (NYSE: DLM) visit the Company's website at www.delmonte.com. Del Monte. Nourishing Families. Enriching Lives. Every Day.(TM) |
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