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EXHIBIT 99.1
[LOGO BLYTH]
CONTACT: FOR IMMEDIATE RELEASE
Richard T. Browning
Chief Financial Officer
(203) 661-1926 ext. 6628
Jane F. Casey
Vice President
(203) 661-1926 ext. 6619
BLYTH, INC. INCREASES SHARE REPURCHASE AUTHORIZATION
GREENWICH, CT, USA December 14, 2000: Blyth, Inc. (NYSE:BTH) announced today
that its Board of Directors has authorized an increase of up to one million
shares in the Company's Common Stock repurchase program. As of
November 30, 2000, the Company had approximately 47.1 million shares
outstanding.
The Blyth stock repurchase program was initiated by the Board of Directors in
September, 1998. The initial authorization was increased in May, 1999, and again
in March, 2000. The Company is currently authorized to repurchase up to three
million shares of its Common Stock in open market or negotiated transactions.
Today's increase brings the cumulative total authorization to four million
shares.
As of today, the Company has repurchased approximately 2.4 million shares at a
cost of approximately $57.0 million since the program began in 1998. After
giving effect to those repurchases, and to the additional authorization approved
by the Board of Directors today, 1.6 million shares remain available for
repurchase under the total authorization.
Robert B. Goergen, Chairman & CEO said, "Extending our share repurchase program
furthers our belief that Blyth's business fundamentals are solid, our prospects
for long-term growth are strong and the use of funds to make the investment
represents enhanced value for our shareholders. We will continue to repurchase
shares over an extended period of time, with the specific timing dependent on
price, market conditions and other factors, such as shares issued under the
employee stock option plan." He continued to say, "We are pleased that our
strong cash position allows us to make these share repurchases while continuing
to invest in the growth of our business."
Blyth, Inc., headquartered in Greenwich, CT, designs, manufactures and markets
an extensive line of candles and home fragrance products including scented
candles, potpourri and environmental fragrance products and markets a broad
range of related candle accessories and decorative seasonal products. Its
products are sold in the United States under various brand names, including
Colonial Candle of Cape Cod-Registered Trademark-,
PartyLite-Registered Trademark-,
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Kate's Original Recipe-TM-, Carolina Designs-Registered Trademark-,
Ambria-TM-, Florasense-Registered Trademark-, Jeanmarie-Registered Trademark-
and FilterMate-Registered Trademark- and in Europe under the Gies,
Liljeholmens and Colony brands. It is also a leading producer of portable
heating fuel products sold under the Sterno-Registered Trademark- and
Handy Fuel-Registered Trademark- brand names. Net Sales for the twelve
months ended October 31, 2000 totaled $1,155,758,000.
Blyth, Inc. can be found on the Internet at www.blythinc.com.
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This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance and underlying assumptions and other statements which are
other than statements of historical facts. Actual results could differ
materially due to various factors, including the risk of maintaining the
Company's growth rate, the Company's ability to respond to increased product
demand, the risks (including foreign currency fluctuations) associated with
international sales and foreign products, the risks of being able to recruit new
independent sales consultants, dependence on key management personnel,
competition in terms of price and new product introductions, and other factors
described in this press release, in the Company's Quarterly Report on Form 10-Q
for the quarter ended October 31, 2000 and in the Company's Annual report on
Form 10-K for the year ended January 31, 2000.
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