Rochester Medical Renews Share Repurchase Activity
March 03 2009 - 1:37PM
PR Newswire (US)
STEWARTVILLE, Minn., March 3 /PRNewswire-FirstCall/ -- Rochester
Medical Corporation (NASDAQ:ROCM) today announced its intention to
repurchase some of the company's outstanding common shares pursuant
to its previously authorized share repurchase program. The company
plans to repurchase shares from time to time on the open market, or
pursuant to negotiated or block transactions in accordance with
applicable SEC guidelines and regulations. Additionally, the
company may make repurchases pursuant to trading plans meeting the
requirements of Rule 10b5-1 of the Securities Exchange Act of 1934.
The Company's board of directors approved a repurchase program back
in fiscal 2000, authorizing the company to repurchase up to
2,000,000 shares. The only repurchase activity on this plan was in
2000 and 2001 when the company repurchased 42,000 shares. The
timing of the repurchases and the number of shares purchased under
this plan will continue to depend on business and financial market
conditions. "We believe the current valuation of Rochester
Medical's common stock makes the repurchase of our equity an
attractive investment for the company and will enhance shareholder
value," said Anthony J. Conway, Chairman and CEO of Rochester
Medical. "Having $37 million in available cash and a growing
business that is generating cash flow allows us to invest in
Rochester Medical stock, as well as other strategic initiatives,"
Conway added. Rochester Medical Corporation develops, manufactures,
and markets disposable medical catheters and devices for urological
and continence care applications. The Company markets under its own
Rochester Medical(R) brand and under existing private label
arrangements. For further information, please contact Anthony J.
Conway, President and Chief Executive Officer of Rochester Medical
Corporation at (507) 533-9600. More information about Rochester
Medical is available on its website at http://www.rocm.com/.
DATASOURCE: Rochester Medical Corporation CONTACT: Anthony J.
Conway, President and Chief Executive Officer of Rochester Medical
Corporation, +1-507-533-9600 Web Site: http://www.rocm.com/
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