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.”
Axe brand men’s care extends into hair products
ENGLEWOOD CLIFFS, N.J. Unilever’s Axe brand for guys is expanding its portfolio with the launch of a new hair care line dubbed Axe Hair.
The collection includes several Axe shampoos, including Axe De-Glue Shampoo Plus Scrub with rock crystals to remove product build up in the hair; Axe De-Poof Shampoo to deflate hair; and Axe Anti-Dandruff Shampoo Plus Conditioner with zinc-based dandruff control.
The line also includes Axe Conditioner and Axe styling products. Styling products include Axe Messy Look Paste, Axe Spiked-Up Look Putty, Axe Clean-Cut Look Pomade and Axe Shaggy Look Cream.
Starting in December, Axe Hair will be available at most food, drug, club and mass outlets. The shampoos and conditioner are priced at $4.99 each. The styling aids are priced at $6.99 each.
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.