20th Century Industries Announces Stock Buyback
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20th Century Industries, Woodland Hills, announced it will buy back as much as $50 million of its common stock.
Under the program, approved by the company’s board of directors, shares may be purchased from time to time on the open market at prevailing prices or in privately negotiated transactions, depending on market conditions and other factors.
A key factor in making the decision was the board’s determination that the company’s current financial and operational performance is not fully recognized at today’s trading levels and price-to-earnings multiple, a company spokesman said.
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