Glacier Ventures International Corp. (TSX:GVC) plans to buy back 4% of its shares over the next year to boost shareholder value.
Up to 2.5 million shares will be bought through a normal course issuer bid over the next 12 months. Daily purchases will not exceed 25% of the daily average trading volume of the company's stock.
The share buy-back comes after the company significantly reduced the debt it incurred with the acquisition of Hollinger Canada's newspaper assets in late 2005 and early 2006.
Glacier has also increased its cashflow.
Second quarter 2007 revenue hit $56.3 million, which was a 15.9% increase over the same period in 2006. Net quarterly profit increased 39% to $10.4 million from $7.5 million in 2006's second quarter.
The Vancouver-based company owns community newspapers and trade publications published primarily in Western Canada, including Business in Vancouver.
Glacier's share price range during the past week: between $4.35 and $4.07; 52-week high: $4.40; 52-week low: $2.85.