Directors of Nature's Sunshine Products Inc. this week authorized the purchase of up to 200,000 shares of the company's stock in the open market for general purposes.
"We believe our stock at current levels is undervalued and represents a unique opportunity," said Kristine Hughes, chairman. She noted the stock had fallen to a recent low of $85/8 per share (ask).Hughes noted that the company was close to naming a new chief executive officer after reviewing almost 500 applications. "We want someone who has run a public company many times larger than our current size in anticipation of even greater growth in the years ahead," said Hughes. She said an individual would be selected "in the next 60 days" if not sooner.
Hughes added that Nature's Sunshine is on track to record revenues and earnings for the second quarter and the year. She noted the company would be "well within" recent analyst projections of 80-90 cents per share on revenues of $53 million to $57 million for 1989.