Central Garden & Pet authorizes new $100M stock repurchase program
Central Garden & Pet Company announced that its board of directors has authorized a new stock repurchase program. Under the new program, the company is authorized to purchase up to $100M of its common stock. In addition, the new program also authorizes the company to make supplemental purchases to minimize dilution resulting from issuances under its equity compensation plans. The company is permitted to purchase annually a number of shares equal to the number of shares of restricted stock and stock options granted in the prior fiscal year, to the extent not already repurchased, and the current fiscal year. The company recently completed the purchase of shares remaining under the board's prior stock repurchase authorization, Central Garden & Pet noted.