The Associated Press June 16, 2011, 6:41PM ET

Central Garden & Pet OKs $100M stock buyback

Central Garden & Pet Co. said Thursday that its board of directors has approved a new $100 million share repurchase program.

The supplier of lawn, garden and pet products said it may buy back shares of its common stock on the open market at times and prices that management considers appropriate. Repurchasing may take place through brokers and dealers or in privately negotiated transactions.

Shares rose 5 cents to close at $9.26. At current prices the buyback program would encompass 10.8 million shares of the company's total 54.8 million shares outstanding. Stock buybacks reduce the number of shares outstanding, boosting earnings per share and expanding the percentage size of shareholders' stakes.

Last month the company reported a slight rise in second-quarter earnings to $31.8 million, or 54 cents per share, as sales climbed 10 percent to $485.7 million.

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