Share repurchases are reauthorized

Tuesday, Sept. 11, 2001 | 9:44 a.m.

The board of directors of Shuffle Master Inc., Las Vegas, has renewed authorization for the company's management to repurchase the company's common stock.

Bill Bartkowski, an investor relations adviser for the company, today said the repurchasing program began for the company in 1997 and has been reauthorized periodically since then.

Mark Yoseloff, president and chief executive, said the company believes the company's value is greater than the current stock price reflects. The issue closed Monday at $14.25.

"The recent decline in the price of our stock contrasts with continued positive prospects for the company," said Yoseloff.

"Our growth opportunities have historically not required large cash investments, while our cash balances have grown dramatically in recent quarters," he said. "As in years past, we expect to use some of our excess cash for share repurchases, particularly as the gap between the current stock price and its long-term appreciation potential widens."