Business Services Industry
ENTERTAINMENT WHOLESALER PLANS $40M-$50M BUYBACK.(Handleman Co.)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, September, 1999 by BRIDGEFORTH, ARTHUR, JR.
Handleman Co. is planning another stock buyback by the end of this year to boost its stock price. Stephen Strome, president and CEO of the Troy-based retail wholesaler, announced at the company's annual shareholders meeting last week that it planned to purchase between $45 million and $50 million worth of common stock by December.
Since June 1998, the company has repurchased $32.3 million in stock. Handleman's stock price has averaged $12.37 in the past nine months. It hit a year-to-date low of $9.94 on Aug. 18. Its year-to-date high was $14.75 on April 14. Handleman last week flirted with the high, trading in the $14 range. Dennis McAlpine, a media and entertainment analyst for New York City-based Ryan, Beck & Co., said he thinks the buybacks should...
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