By: E&P Staff Saying its stock is "undervalued," Trenton, N.J.-based Journal Register announced Thursday that it will extend its share repurchase program to an aggregate amount of as much as $25 million.
The repurchases will be made from time to time in open market or private transactions, the company said.
"We believe that our stock is undervalued in the market and represents an attractive investment for the company and our shareholders," Chairman and Chief Executive Officer Robert M. Jelenic said in a prepared statement. "Our substantial free cash flow provides the company with the opportunities to reduce outstanding debt, as well as repurchase shares and pursue acquisition opportunities."
Journal Register said it had 40.2 million shares of common stock outstanding as of February 15.
At 2 p.m. EST Thursday, Journal Register (NYSE: JRC) stock was at $13.28 up $0.38, or 2.95%. In the past 52 weeks, shares have traded in a range of $12.61 to $19.45.
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