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Altamonte Springs, Fla.-Based Drug Distributor to Buy Back Stock.
Knight Ridder/Tribune Business News, August, 1999 by Bu Todd Pack, The Orlando Sentinel, Fla.
Knight Ridder/Tribune Business News
Aug. 25 -- Priority Healthcare Corp. said Tuesday that it plans to buy back as many as 2 million shares of common stock -- almost as many as the company sold in a secondary offering two months ago.
The Altamonte Springs-based drug company said it would buy the stock during the next 12 months on the open market and in private deals.
While it isn't unusual for a company to buy back stock -- especially when prices are down -- analysts said it's rare for a company to announce a buyback so soon after a public offering.
Priority issued another 2.6 million shares of common stock in June. The company had nearly 19 million shares outstanding in the second quarter ended June 30.
Its stock has...
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