OptimumCare in Major Stock Repurchase
<i> Times Staff and Wire Reports</i>
OptimumCare Corp. said Tuesday that it had repurchased 500,000 shares of its stock in open market transactions over the past four months and that it intended to repurchase up to 500,000 more shares in the open market at prevailing prices over the next 12 months.
The Laguna Niguel company’s board authorized the additional repurchases “because the fundamentals of our company continue to be far stronger than the current range at which our stock is being traded,” said Edward A. Johnson, OptimumCare’s chairman and chief executive officer.
OptimumCare’s stock, which trades over the counter, closed Tuesday at 94 cents a share, unchanged for the day. The stock traded as high as $1.50 a share Dec. 4. The company provides health services.
