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BASKING RIDGE, N.J., Aug. 8 -- Hooper Holmes, Inc. (Amex: HH) announced today that it intends to continue to buyback its common stock under its previously adopted stock repurchase program. Since the second quarter earnings release, when the Company resumed repurchasing shares, it has purchased a total of 395,300 common shares of Hooper Holmes at an average price of $6.17 a share.
The timing and amounts of stock repurchases will continue to depend on many factors, including the market price of the common stock and overall market conditions. Management will continue to fund the program with available cash.
Jim McNamee, Chairman and Chief Executive Officer, stated, "Our continued confidence in the strength of our business and our solid financial performance in the first two quarters of 2002 lead us to believe that our stock is currently undervalued. Accordingly, we believe it is in our stockholders' best interests for management to continue the Company's stock buyback program."
Under the program, management is authorized to purchase, from time to time, shares of the Company's common stock at the prevailing market price and within the requirements set forth in the SEC Rule 10b-18. Management may purchase the lesser of 2.5 million shares or $25 million worth of shares in any calendar year.
As of August 7, 2002, the Company had 67.5 million shares outstanding. Repurchased shares are held as treasury shares. There is no assurance as to the actual number of shares that will be repurchased under the program and purchases can be suspended at any time.
Hooper Holmes, Inc. provides health information services on insurance policy applicants to the life insurance industry. The Company provides these health information services through over 300 locations nationwide.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involving the Company's business. These forward-looking statements are qualified in the entirety by cautionary statements contained in the Company's Securities and Exchange Commission filings. The Company disclaims any obligation to update these forward-looking statements.
Contacts:
Fred Lash, Chief Financial Officer
+1-908-766-5000
FD Morgen-Walke
Investors - Lauren Levine or Lanie Fladell
Media - Dan Budwick
+1-212-850-5600
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