Tokos Directors OK Stock Repurchase
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SANTA ANA — Directors of Tokos Medical Corp. have authorized the company to repurchase as many as 1 million shares of its common stock over an indefinite period. If implemented, the repurchase plan would remove about 5.6% of Tokos’ 18 million shares of common stock outstanding.
A corporate stock repurchase program typically is initiated when a company thinks its shares are undervalued. Tokos’ stock, hurt by a poor quarterly report and negative reviews of some of the products it makes for its home nursing service, has plunged from $46.25 a share on Dec. 31, 1991, to $17.75 at the close of trading Tuesday on the NASDAQ market.
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