Rick's Cabaret International, Inc. (RICK) said Wednesday that it has completed the authorized repurchase of $5 million of its stock.
The $5 million stock buy-back was authorized by the company's Board on September 29, 2008. Under that buy-back plan, the company repurchased 756,087 shares of stock in the open market at an average price of $6.61.
The company also said Wednesday that its board has authorized the repurchase of up to an additional $3 million worth of shares from time to time on the open market or in privately negotiated transactions.
The repurchase program will be funded using Rick's Cabaret's working capital.
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