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twitterSlot machine maker buying back stock
Wednesday, Jan. 16, 2002 | 9:46 a.m.
A day after an earnings warning sent its stock price down 5 percent, slot machine maker WMS Industries Inc. of Chicago today said its board authorized a 12-month, $20 million common stock repurchase program.
Purchases will be made based on market conditions from time to time in open market or private transactions. WMS has about 32.2 million shares outstanding.
WMS called the purchases an excellent use of capital and reflect a positive long-term outlook for the company.
WMS stock was up 4 percent this morning at $17.06. Besides the stock buyback news, Bear Stearns analyst Jason Ader said WMS could become a takeover candidate. The earnings warning was caused by software glitches that are hurting slot machine sales.
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