Largest comparable store sales increase at Wet Seal
24 May '11
4 min read
Stock Repurchase Program
Under a $25 million stock repurchase program approved by its Board of Directors in September 2010, during the first quarter the Company repurchased 1,000,000 shares of its Class A common stock for a total cost of $3.7 million. Under this program to date, the Company has repurchased 1,882,300 shares of its Class A common stock for a total cost of $6.7 million.
The Company announced that its Board of Directors has authorized a $31.7 million increase in the existing stock repurchase program, bringing total repurchase authorization up to $56.7 million. This increases the Company's remaining capacity under its stock repurchase program to $50 million.
The timing and number of shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time.
Based on the Company's closing share price on May 17, 2011, the remaining $50 million under the stock repurchase program represents approximately 10.6% of the Company's total market capitalization. The repurchase program will be funded using existing cash on hand.
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