- Purchased, in the open market, 1.5 million shares of the Company’s common stock for $19.8 million, reducing the total shares outstanding by 8% to 17.4 million. This was completed under an October 2010 Board-authorized repurchase program as amended in March 2012. There is approximately $10.2 million of remaining capacity for future repurchases in the current authorization.
- During October, entered into a settlement with its insurers related to the reimbursement of legal and other related fees in connection with the Zein Obagi litigation. The settlement was for $14.0 million and the Company’s portion was $8.4 million as the matter was handled on a contingency-fee basis. The $8.4 million benefit will be recorded during the fourth quarter within the operating expense section of the income statement.
- Amended its bylaws to adopt a majority vote requirement in the uncontested election of directors, consistent with other recent company adoptions and ISS data.
Obagi Medical Products Reports Third Quarter 2012 Earnings; Company Provides Update To Key Initiatives
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts