GPI announced a stock repurchase program
These repurchases will be made from time to time in open market or in privately negotiated transactions. The timing and amount of share repurchases will be determined by the company's management based on its evaluation of market conditions, the trading price of the stock, applicable legal requirements, and other factors, subject to periodic approval of the Board.
This program does not obligate the firm to acquire any particular amount of common stock or to acquire shares within any particular timetable and the program may be suspended at any time at the company's discretion.
Greg Gronau, President and CEO, stated: "At the present time, based upon the combination of our current market valuation, our cash balances and our ongoing cash flow generation, we believe that this share repurchase program is an appropriate use of cash, while also providing us adequate flexibility for future initiatives."
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