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OLDSMAR -- Cryo-Cell International Inc. completed a nearly $2 million buyback of stock, putting 6% of the company back in corporate hands.
Founded as a private cord blood bank to separate and store stem cells, Cryo-Cell had offered to buy back as much as 750,000 shares of its common stock through midnight Tuesday. It's $3.25 per share price was slightly lower than the company's 52-week high of $3.50.
The buyback did help push up share prices a bit, which closed above the $3 mark July 1 for the first time since last December. Cryo-Cell, which trades over-the-counter under the symbol CCEL, closed Thursday at $3.04, flat with the price from the day before.
Cryo-Cell reported a profit of $210,000, or 2 cents per share, in the quarter ended May 31, compared to a $216,000, or 2 cents per share profit the year before. Revenues were $5 million, compared to $4.9 million last year.
Founded in 1989, Cryo-Cell stores genetic material for more than 500,000 parents from 87 countries, the company says in a release. After the buyback, it has 9.1 million shares of common stock still outstanding, creating a market cap of $27.8 million based on Thursday's closing price.
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