Nash Finch Company (Nasdaq:NAFC), a leading national food retailer and
distributor, today announced that on November 10, 2009, its Board of
Directors approved a share repurchase program authorizing the Company to
spend up to Twenty Five Million Dollars ($25,000,000) to purchase shares
of the Company’s common stock. The program will take effect as soon as
administratively practicable, but no earlier than November 16, 2009, and
will continue until December 31, 2010.
"We are pleased with this authorization to buy back shares and intend to
use the same opportunistic approach we used in late 2007 - 2008 when our
last share buy back program was in place,” said Alec Covington, Nash
Finch CEO and President. "While the economic environment has proved
challenging, we continue to generate superior free cash flow results.
Our debt levels have fallen below our target range and due to the low
cost of debt we currently enjoy, and the importance of maintaining a
lower overall cost of capital through proper leverage, we believe a
share buy back program is an excellent way to generate value for our
investors. We feel this program will not compromise our ability to
invest in our business and pursue accretive acquisitions when an
opportunity arises,” Covington continued.
Nash Finch Company is a Fortune 500 company and one of the leading food
distribution companies in the United States. Nash Finch’s core business,
food distribution, serves independent retailers and military
commissaries in 36 states, the District of Columbia, Europe, Cuba,
Puerto Rico, the Azores and Egypt. The Company also owns and operates a
base of retail stores, primarily supermarkets under the Econofoods®,
Family Thrift Center®, AVANZA®, Family Fresh Market® and Sun Mart® trade
names. Further information is available on the Company's website at www.nashfinch.com.