CORPORATE
FINANCIALS
ONLINE
Fastest direct links to news from publicly-traded companies. |
| Latest Earnings News | Latest Dividend News | All Latest News |
Blyth: Increase Repurchase Authorization
CONTACT: FOR IMMEDIATE RELEASE
Richard T. Browning
Chief Financial Officer
(203) 661-1926 ext. 6628
Jane F. Casey
Vice President
(203) 661-1926 ext. 6619
BLYTH INDUSTRIES INCREASES SHARE REPURCHASE
AUTHORIZATION
GREENWICH, CT, USA March 30, 2000: Blyth Industries, Inc. (NYSE:BTH)
announced today that its Board of Directors has authorized an increase
of up to one million shares in the Company's Common Stock repurchase
program. As of February 29, 2000, the Company had approximately 48.0
million shares outstanding.
The Blyth stock repurchase program was initiated by the Board of
Directors in September, 1998. The initial authorization was increased
in May, 1999. The Company is currently authorized to repurchase up to
two million shares of its Common Stock in open market or negotiated
transactions. Today's increase brings the cumulative total
authorization to three million shares.
As of today, the Company has repurchased approximately 1.3 million
shares at a cost of approximately $33.2 million since the program began
in 1998. After giving effect to those repurchases, and to the
additional authorization approved by the Board of Directors today, $1.7
million shares remain available for repurchase under the total
authorization.
Robert B. Goergen, Chairman & CEO said, "Extending our share repurchase
program indicates our belief that the fundamentals of our business are
solid, the long term growth prospects are strong and the use of funds to
make the investment represents enhanced value for our shareholders. We
will continue to repurchase shares over an extended period of time, with
the specific timing dependent on price, market conditions and other
factors, such as shares issued under the employee stock option plan." He
continued to say, "we are pleased that our strong cash position allows
us to make these share repurchases while continuing to invest in the
growth of our business."
Blyth Industries, Inc., headquartered in Greenwich, CT, designs,
manufactures, markets and distributes an extensive line of candles and
home fragrance products including scented candles, outdoor lighting
products, potpourri and environmental fragrance products, and markets a
broad range of related candle accessories and decorative gift bags and
tags. Its products are sold in the United States under various brand
names, including Colonial Candle of Cape Cod(R), PartyLite Gifts(R),
Carolina Designs(R), Ambria(TM), Canterbury(R), Florasense(R),
Jeanmarie(R) and FilterMate(R) and in Europe under Gies, Liljeholmens
and Colony. It is also a leading producer of portable heating fuel
products sold under the Sterno(R) and Handy Fuel(R) brand names. Net
Sales for the twelve months ended January 31, 2000 totaled
$1,097,450,000.
Blyth Industries can be found on the Internet at
www.blythindustries.com.
This press release contains "forward-looking statements", within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forwardlooking statements include statements concerning plans,
objectives, goals, strategies, future events or performance and
underlying assumptions and other statements which are other than
statements of historical facts. Actual results could differ materially
due to various factors, including the risk of maintaining the Company's
growth rate, the Company's ability to respond to increased product
demand, the risks associated with international sales and foreign
products, dependence on key management personnel, competition in terms
of price and new product introductions, and other factors described in
this press release, in the Company's Quarterly Report on Form 10-Q for
the quarter ended October 31, 1999, and in the Company's Annual Report
on Form 10-K for the year ended January 31, 1999.
# # #
End