Newspaper article THE JOURNAL RECORD

Eateries Buys Back Shares

Newspaper article THE JOURNAL RECORD

Eateries Buys Back Shares

Article excerpt

OKLAHOMA CITY (JR) -- Eateries Inc. on Thursday said that it has repurchased 1,056,000 shares, or 27 percent, of the company's outstanding shares at a cost of $5.125 per share.

Shares were purchased in a private transaction from three investment funds of a major institutional shareholder, said Vincent F. Orza Jr., chairman and president of the Oklahoma City-based company.

This share repurchase totals $5.4 million. The transaction was financed through a bank term loan and was approved the board of directors. In 1997, Eateries authorized a 400,000 share repurchase plan and since then has repurchased a total of about 126,000 shares for an average price of $4.23 per share. This repurchase plan will continue to be effective, despite the 1,056,000 share repurchase announced Thursday, Orza said. "We believe that this transaction will be very beneficial for our shareholders," he said. "While we continue to build new restaurants and look for acquisition candidates, we believe the repurchase of Eateries' shares is one of the best possible uses of our cash flow. …

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