Blyth Updates Activity In Its Share Repurchase Program
Blyth (NYSE: BTH), a direct to consumer company and leading designer and marketer of candles, accessories for the home, and health and wellness products, indicated that it has repurchased shares in the open market under its share repurchase authorization. During its fourth fiscal quarter, and subsequent to the finalization and disclosure of its new agreement with the ViSalus founders, the Company repurchased 411,336 shares, or approximately 2.5% of its 17 million shares outstanding. The company has 1.6 million shares remaining in its existing authorization.
Chairman & CEO Robert B. Goergen noted that, "from time to time, the Company will repurchase shares when we believe it is in the best interest of our long-term shareholders based on our growth, profitability and cash flow outlook. We believe recent market conditions offered such an opportunity. We also intend to seek an increase in our existing authorization from Blyth's Board of Directors to continue our repurchase program in 2013 when market conditions warrant it."
Blyth, Inc., headquartered in Greenwich, CT, USA, is a direct to consumer business focused on direct selling and direct marketing channels. We design and market home fragrance products and decorative accessories, as well as weight management products, nutritional supplements and energy drink mixes. These products are sold through Direct Selling from the home party plan method and network marketing. The Company also designs and markets household convenience items and personalized gifts through the catalog/internet channel. The Company manufactures most of its candles and sources nearly all of its other products. Its products are sold direct to the consumer under the PartyLite®, Two Sisters Gourmet® by PartyLite and ViSalus Sciences® brands and to consumers in the catalog/Internet channel under the As We Change®, Miles Kimball®, Exposures®, Walter Drake® and Easy Comforts brands. In Europe, Blyth's products are also sold under the PartyLite brand.
Blyth, Inc. may be found on the Internet at www.blyth.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, including plans to increase its share repurchase authorization and repurchases its shares at a price level it deems appropriate to enhancing shareholder value, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical facts. Actual results could differ materially due to various factors, including the slowing of the United States or European economies or retail environments, the risk that we will be unable to maintain our historic growth rate, our ability to respond appropriately to changes in product demand, the risk that we will be unable to integrate the businesses that we acquire into our existing operations, the risks (including foreign currency fluctuations, economic and political instability, transportation delays, difficulty in maintaining quality control, trade and foreign tax laws and others) associated with international sales and foreign sourced products, risks associated with our ability to recruit new independent sales consultants, our dependence on key corporate management personnel, risks associated with the sourcing of raw materials for our products, competition in terms of price and new product introductions, risks associated with our information technology systems (including, susceptibility to outages due to fire, floods, power loss, telecommunications failures, computer viruses, break-ins and similar events) and other factors described in this press release and in the Company's most recently filed Annual Report on Form 10-K.
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