This article was originally published in The Gray Sheet
Executive SummaryBoard authorizes share buyback program under which the Monrovia, California-based ophthalmic surgery products firm will repurchase up to one million shares of its common stock over a two-year period. Shares in Staar have been trading for around $10 per share. The buyback program reflects Staar's "confidence" about its "long term prospects," the company says, adding that the share repurchases will benefit stockholders by reducing the number of Staar shares. The repurchases "will be made in the public market or through private sales" and "when or if such repurchases are deemed advisable." Staar currently has 13 mil. shares of common stock outstanding. The firm recently reported third quarter net income of $1.7 mil. -- representing an increase of 178% from last year's third quarter -- on revenues of $6.9 mil., up 46.8%
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