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VALLEY ROUNDUP

St. Ives Authorized to Repurchase 250,000 Shares

December 01, 1987

Directors of St. Ives Laboratories authorized the company during the next year to repurchase up to 250,000, or 3.5%, of its 7.1 million common shares outstanding.

St. Ives, a Chatsworth-based maker of shampoos and other personal-care products, joins scores of other U.S. companies that have announced stock-buyback plans to bolster their stock prices following the Oct. 19 market crash.

The crash came three months after St. Ives went public at $13 per share.

St. Ives said its stock's price, which was $6.75 at the close of trading Monday, is undervalued and thus represents an attractive investment. St. Ives also said the repurchased shares would be used for its employees' stock option plan.

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