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The board of directors of Ingles Markets, Inc. has authorized the repurchase of up to 1 million shares of its Class A and Class B Common Stock. The grocer had about12.9 million Class A shares outstanding and 11.6 million Class B shares outstanding as of Jan. 25, 2010.
“The stock repurchase authorization highlights our confidence in Ingles’ business and our outlook for continued growth,” noted CEO Robert P. Ingle. “We believe the stock repurchase program is a solid investment for our shareholders and provides us with the opportunity to leverage our strong financial position to improve our earnings per share.”
The share repurchase program may be carried out through open-market purchases, block trades, and purchases from Ingles’ investment-/profit-sharing plan, as well as in negotiated private transactions. No shares will be repurchased from directors or officers of the company, or any of their respective affiliates, except for the investment-/profit-sharing plan. The timing and actual number of shares repurchased will depend on such factors as stock price, corporate and regulatory requirements, and other market and economic conditions. Ingles plans to use existing cash, cash flow from operations and other financing sources to fund the program
Asheville, N.C.-based Ingles operates 202 supermarkets in six southeastern states. In conjunction with its supermarket operations, the company also runs 71 neighborhood shopping centers, all but 14 of which contain an Ingles supermarket.