PetMed Express Announces a $20 Million Share Repurchase Program
PetMed Express, Inc. (Nasdaq: PETS) today announced that its Board of Directors has approved a fourth share repurchase program of up to $20.0 million, effective immediately. This program is intended to be implemented through purchases made from time to time, in either the open market or through private transactions at the Company's discretion, subject to market conditions and other factors, in accordance with Securities and Exchange Commission requirements.
The Company still has approximately $299,000 remaining from its third $20.0 million repurchase plan, under which the Company has already repurchased approximately 1.6 million shares for approximately $19.7 million, an average of $12.54 per share. As of August 1, 2011, there are approximately 21.0 million shares of PetMed Express, Inc. common stock outstanding.
