Smart Balance Announces Renewal of Stock Repurchase Program
Smart Balance, Inc. (Nasdaq: SMBL) today announced that its Board of Directors has authorized the renewal of its program for the repurchase of its common stock, which was to expire on December 31, 2011. This renewal allows for the repurchase of Smart Balance's stock through December 31, 2013.
Since the Company commenced its repurchase program in December of 2009, the Company has purchased approximately $15.6 million of its common stock. Under the terms of the renewed stock repurchase program, the Company is authorized to repurchase up to an additional $25 million of its common stock.
Commenting on the renewal of the repurchase program, Chairman and CEO, Stephen Hughes, stated, "We believe in the underlying long-term value of the Company and its growth outlook and view the continuation of our stock repurchase program as a way to enhance shareholder value. Renewing this program is consistent with our investment philosophy of creating flexibility when important strategic opportunities arise, such as repurchasing our common stock. "
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