Physicians Formula repurchases common stock, evaluates price per share
AZUSA, Calif. Physicians Formula’s board authorized in September the repurchase up to $10 million of the company’s outstanding common stock.
The company had approximately 14,096,227 shares of common stock outstanding as of Aug. 8. In connection with the repurchase program, the company also announced that it has adopted a written trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, to facilitate the repurchase of shares of common stock under the repurchase program.
In addition, the beauty company has entered into an amendment to its existing senior credit agreement with Union Bank of California, N.A. to permit borrowings under the revolving credit facility to fund the repurchase program.
“Our board believes that at the current stock price, our stock is undervalued based on many criteria, including the long-term growth prospects for the company, and that the repurchase program is an effective means to increase shareholder value,” stated Ingrid Jackel, chief executive officer of Physicians Formula. “Our board also believes that we are well positioned to increase long-term shareholder value by growing our business through product innovation and differentiation, and by providing strong support for existing and new products through creative promotional activities.”
Listerine reintroduces Agent Cool Blue pre-brush rinse
MORRIS PLAINS, N.J. Listerine, of Johnson & Johnson Healthcare Products division of McNeil-PPC, has reintroduced its Listerine Agent Cool Blue pre-brush rinse for children.
The new formulation has an enhanced preservative system that replaces the product voluntarily recalled in April 2007 after determining the previous preservative system was not adequate. The alcohol-free formulation is geared toward children aged 6 and older.
“We’re proud to bring back a reformulated Listerine Agent Cool Blue that features an enhanced preservative system and that has undergone rigorous quality assurance testing, as we know parents and dental professionals valued its role in improving children’s oral care routines,” stated Kathy Weber, vice president of Oral Care for J&J Healthcare Products division of McNeil-PPC.
The product, available in Glacier Mint and Bubble Blast flavors, engages children in their oral care routine by temporarily tinting teeth blue so they pay more attention to cleaning their teeth. The product has a suggested retail price of $5.29.
Head & Shoulders names spokesman for Hispanic consumers
CINCINNATI Procter & Gamble’s Head & Shoulders hair care brand has named stylist Antonio Rosales as the brand’s first spokesperson and ambassador for the U.S. Hispanic market.
This fall, Rosales will join Head & Shoulder’s global stylist Ben Skervin, who has served as the only stylist for the brand at the global level.
As part of the partnership, Rosales will launch a scalp care blog through the revamped Head & Shoulders Spanish Web site, located at www.amatucabello.com. The blog features topics ranging from seasonal scalp care to new looks.
We are very happy to have Antonio onboard as we recognize our Hispanic consumers have unique hair care and styling needs. With Antonio’s expertise and enchanting charisma we expect to make a lasting connection with our consumers,” stated Hernan Lopez, assistant brand manager for Head & Shoulders.