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Staar Surgical

This article was originally published in The Gray Sheet

Executive Summary

Plans to repurchase up to 1 mil. shares of common stock in the open market. The maker of devices used in the refractive, cataract and glaucoma surgery markets recently rejected a cash offer to have 51-100% of its outstanding common stock acquired by an unnamed party at $15 per share (1"The Gray Sheet" July 5, p. 27). The offer was "inadequate" and "not in the best interest" of shareholders, Staar concluded. Staar stock has recently traded in the $15 range, reaching a 52-week high of 17-1/8. The Monrovia, California firm reported second quarter (ended July 2) revenues of $14.7 mil. (up 5%). Net income was $677,000 versus $1.5 mil. for the comparable quarter last year

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