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AmerisourceBergen authorizes new share repurchase program

BY Antoinette Alexander

VALLEY FORGE, Pa. — The board of directors of AmerisourceBergen has authorized a new $750 million share repurchase program.

AmerisourceBergen expects to use the new program to repurchase its outstanding shares of common stock, subject to market conditions. The company has $446.1 million remaining on its prior November 2012 authorization, bringing the total amount authorized for repurchases to $1.2 billion. To date in fiscal year 2013, which ends Sept. 30, the company has spent $401.1 million to repurchase its outstanding shares of common stock.

“Our share repurchases during fiscal year 2013 and our new program demonstrate our continued commitment to delivering long-term shareholder value,” stated Steven Collis, AmerisourceBergen president and CEO. “While our expectations for share repurchases over the next few quarters have not changed, the new authorization gives us significant longer-term flexibility.”

AmerisourceBergen may repurchase its shares from time to time for cash in open market transactions or by other means in accordance with applicable federal securities laws. The company currently has approximately 231 million common shares outstanding.

In addition, the board declared a cash dividend of 21 cents per share on common stock, payable Sept. 4, to stockholders of record at the close of business on Aug. 21.

 

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Algenist debuts new anti-aging skin care oil

BY Antoinette Alexander

SAN FRANCISCO — Anti-aging skin care brand Algenist has announced that its new product, Advanced Anti-Aging Repairing Oil, is now available internationally on store shelves at Sephora.

According to the company, the anti-aging serum is the first commercial product to feature Solazyme’s Microalgae Oil. The patent-pending advanced Microalgae Oil was developed by Solazyme, a renewable oil and bioproducts company. In addition to Sephora and Sephora inside jcpenney, the new product can be found at Space NK, QVC, Sephora.com and Algenist.com.

 “We believe that the scientific formulation of the Advanced Anti-Aging Repairing Oil is unmatched by any other beauty oil on the market, delivering the performance benefits of a serum combined with the unique experience of an oil, all from biotechnology,” stated Frederic Stoeckel, SVP and GM, health sciences at Solazyme. “Microalgae Oil provide the basis for a truly revolutionary formula that we believe quickly replenishes the skin with essential nutrients, while creating incredible results within as little as 10 days of use.”

“We’re committed to providing beauty offerings that are backed by incredible innovation, and Algenist’s biotechnology platform has consistently been a brand to deliver the latest in biotechnology,” added Priya Venkatesh, VP and DMM, skin care for Sephora. “Our customers were among the first to experience the skincare benefits of microalgae, and now we’ll again see the remarkable results Algenist’s Advanced Anti-Aging Repairing Oil brings to the skin.”

 

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Costco posts boost in sales for July

BY Antoinette Alexander

ISSAQUAH, Wash. — Costco announced on Thursday that sales for the month of July rose 7% as same-store sales climbed 4%.

For the four weeks ended Aug. 4, sales rose 7% to $7.87 billion. Same-store sales for the company rose 4%, while same-store sales for the United States also rose 4%.

Costco currently operates 632 warehouses, including 451 in the United States and Puerto Rico, 85 in Canada, 33 in Mexico, 25 in the United Kingdom, 17 in Japan, nine in Taiwan, nine in Korea and three in Australia. The company plans to open up to an additional two new warehouses prior to the end of its fiscal year on Sept. 1.
 

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