Valassis (VCI) said Wednesday its Board has approved an increase to its stock repurchase program authorization by 6.0 million common shares. As of March 2013, the company had about 1.6 million shares available for repurchase under its prior authorization.
During the first quarter, Valassis repurchased $21.2 million, or 725,512 shares, of its common stock at an average price of $29.18 per share plus commission.
The company said its full-year 2013 earnings guidance announced on April 25 assumes its use of about 35 to 40 percent of free cash flow for stock repurchases during 2013. However, the company may use more or less than 35 to 40 percent of free cash flow.
As of March 2013, the company had about $97.2 million of cash and cash equivalents.
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