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Ingles Markets has announced that its Board of Directors authorized the repurchase of up to one million shares of its Class A and Class B Common Stock. Ingles Markets had approximately 12.9 million Class A shares outstanding and 11.6 million Class B shares outstanding as of January 25, 2010."The stock repurchase authorization highlights our confidence in Ingles' business and our outlook for continued growth," stated Robert P. Ingle, chief executive officer. "We believe the stock repurchase program is a solid investment for our shareholders and provides us with the opportunity to leverage our strong financial position to improve our earnings per share." The share repurchase program may be carried out through open market purchases, block trades, purchases from the Company's investment/profit sharing plan and in negotiated private transactions. No shares will be repurchased from directors or officers of the Company or any of their respective affiliates, except for the investment/profit sharing plan, as part of this repurchase program. The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued at any time. The Company plans to use existing cash, cash flow from operations and other financing sources to fund the repurchase program. The Company's Class A shares are traded publicly on the NASDAQ Stock Market's Global Select Market under the symbol IMKTA. Class B shares are not publicly traded and are held primarily by insiders and the Company's investment/profit sharing plan. The Class B shares are valued on a one-to-one basis with the Company's publicly-traded Class A shares. Ingles Markets, Incorporated is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 202 supermarkets. In conjunction with its supermarket operations, the Company also operates 71 neighborhood shopping centers, all but 14 of which contain an Ingles supermarket. The Company's Class A Common Stock is traded on The NASDAQ Stock Market's Global Select Market under the symbol IMKTA. For more information, visit Ingles' website at www.ingles-markets.com. (Image provided by Ingles Markets.) Looking for more happenings in the area? Check out Asheville.com's comprehensive visitor center.
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