Home / Knowledge / News / Apparel/Garments / G&K announces $75 mn expansion of Share Repurchase Program
G&K announces $75 mn expansion of Share Repurchase Program
14
May '08
G&K Services Inc announced that its Board of Directors has authorized an expansion of its existing share repurchase program. This authorization increases the share repurchase program previously approved by the company's Board of Directors in May 2007 from $100 million to $175 million.

"The expansion of our share repurchase program further demonstrates our confidence in our strategic plan, the strength of our business, and our opportunities to drive increasing long-term growth and profitability, said Richard Marcantonio, G&K's chairman and chief executive officer."

"Solid operating performance, combined with a strong balance sheet and excellent free cash flow production, provides us the flexibility to launch an expanded share repurchase program. We remain committed to increasing shareholder returns by investing to deliver long-term revenue and earnings growth, while also returning value to our shareholders through share repurchases."

Since inception of the share repurchase program, the company has bought back approximately 2.3 million shares, or about 10.6 percent of the total shares outstanding at the beginning of the program, at a cost of approximately $86.3 million. Accordingly, there remains approximately $13.7 million available under the previously authorized share repurchase, which, when combined with the additional $75.0 million, provides a total of approximately $88.7 million available to buyback additional shares.

At the current stock price, the company could repurchase approximately 2.8 million additional shares, bringing the total potential share repurchase to about 23.4 percent of the total shares outstanding at the inception of the program.

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search