WALNUT CREEK, Calif., Nov. 13 Longs Drug StoresCorporation (NYSE: LDG) today announced that its Board of Directors hasauthorized the repurchase of up to $200 million of the Company's outstandingcommon stock during the period extending through February 2011. Therepurchases will be made in open market transactions or through negotiatedtransactions from time to time, depending upon market conditions and theavailability of funds.
The Company has repurchased approximately $125 million in common stockunder a separate repurchase program authorized by its Board of Directors inMay 2005. The average purchase price was $46.40 per share. Approximately$25 million remains under this authorization that expires in May 2008.
Longs Drug Stores had a total of approximately 37.6 million sharesoutstanding as of the third quarter ended October 25, 2007.
About the Company
Headquartered in Walnut Creek, California, Longs Drug Stores Corporation(NYSE: LDG) is one of the most recognized retail drug store chains on the WestCoast and in Hawaii. The Company operates more than 500 retail pharmacies andoffers a wide assortment of merchandise focusing on health, wellness, beautyand convenience. Longs also provides pharmacy benefit management services andMedicare beneficiary prescription drug plans through its wholly-ownedsubsidiary, RxAmerica, LLC. Additional information about Longs and itsservices is available at http://www.longs.com and more information aboutRxAmerica is available at http://www.rxamerica.com.
SOURCE Longs Drug Stores Corporation