Sturm, Ruger & Company, Inc. (NYSE-RGR), has announced that during the third quarter of 2008 it repurchased 1.1 million shares of its common stock, representing 5.5% of the total shares outstanding at the start of the repurchase program, for $7.4 million in the open market.
The average price per share repurchased was $6.50. These repurchases were funded with cash on hand. At the end of the quarter, 19.5 million shares remained outstanding and the company had approximately $22 million of cash and no debt.
In April 2008, the company announced that its board of directors had authorized the company to repurchase up to $10 million of its common stock. $2.6 million remains available for share repurchases under this repurchase program.
