Labor Ready authorizes $75M buyback |
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Thu, 01 Feb 2007 00:34
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TACOMA, Wash. (AFX) - Labor Ready Inc., which provides temporary workers for manual day labor, said Wednesday its board authorized a $75 million stock buyback program.Combined with a previous buyback authorization, Labor Ready's total repurchase authorization is $88 million.Labor Ready said it plans to complete the buybacks by the end of 2007.The company said it repurchased 4.2 million shares worth $89 million in 2006.Separately, Labor Ready said its fourth-quarter profit rose sharply, but the company warned that revenue in the current quarter could be hurt by a slowdown in housing construction.Shares of Labor Ready added 13 cents to close at $18.78 on the New York Stock Exchange, but fell $1.27, or 6.8 percent, to $17.51 in aftermarket activity. The stock has ranged from $14.94 to $27.75 over the past year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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