Still trying to lure a purchaser, Sport-Haley Inc. has shaved its outstanding shares by 17% since December 1998 in repeated attempts to attract a buyer. As of March 31, the company had 3.7 million outstanding shares. The strategy of taking shares out of the market often is used to spread profit across fewer shares and boost the earnings per share - a plan that didn't work for the manufacturer who watched share prices drop 4 cents in this year's first quarter. A buyout in the works last year failed for the clothier.
Stocks have gone from a $19.31 per share peak in May 1997 to a $3.62 closing July 21, a loss of 80% of its value.
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