New Century to Buy Back Common Shares
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New Century Financial Corp. said its board authorized the company to repurchase up to 250,000 shares of its common stock over the next twelve months at a maximum price of $3.5 million.
The Irvine company, which specializes in mortgage loans to borrowers with less-than-stellar credit ratings, said it may use the stock for such purposes as the company’s stock option program and an employee stock purchase program. New Century’s stock closed Thursday at $11.81 cents a share, up 19 cents.
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