BioSource Board OKs Buying Common Stock

The board of directors for BioSource International in Camarillo has authorized the purchase of up to 250,000 more shares of the company’s common stock during the next 12 months.

The authorization continues the share-buyback program that began April 22, 1997. The company has purchased all of the 1.2 million shares of stock authorized by the board since the start of the program, at an average share price of $6.44. Because of the price of BioSource stock, the board decided to continue purchasing shares as an investment.

“From our perspective, there is no rational explanation for the current trading level of the company’s stock,” said James H. Chamberlain, BioSource’s chairman, president and chief executive officer. “We believe this represents an excellent buying opportunity and we are acting on it to express our confidence and improve overall shareholder value.”

BioSource supplies immunological reagents and test kits used in biomedical research. Last year, the company reported net income of $3.1 million on revenue of $20.5 million.