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Brown Shoe repurchase program for employee benefit plans
11 Jan '08
2 min read
Brown Shoe Company Inc announced that its Board of Directors authorized a stock repurchase program of up to 2.5 million shares.
"This share repurchase authorization shows the confidence we have in our business and long-term prospects as well as our commitment to returning value to our shareholders," said Brown Shoe Chairman and CEO Ron Fromm.
"Over the last several weeks, we have repurchased approximately 2.4 million shares of our stock under a prior stock repurchase authorization.
We have maintained a strong balance sheet and feel confident that this newly authorized program will allow us to pursue the strategic initiatives aimed at doubling the sales and rate of profitability of Brown Shoe over the next five years, while allowing us the flexibility to pursue future transactions related to this strategy."
A portion of the repurchased shares may be used for the company's employee benefit plans, and the balance will be available for other general corporate purposes.
The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as levels of cash generation from operations, cash requirements for investments, repayment of debt, current stock price, and other factors.
Brown Shoe may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may be modified or discontinued at any time.
"This share repurchase authorization shows the confidence we have in our business and long-term prospects as well as our commitment to returning value to our shareholders," said Brown Shoe Chairman and CEO Ron Fromm.
"Over the last several weeks, we have repurchased approximately 2.4 million shares of our stock under a prior stock repurchase authorization.
We have maintained a strong balance sheet and feel confident that this newly authorized program will allow us to pursue the strategic initiatives aimed at doubling the sales and rate of profitability of Brown Shoe over the next five years, while allowing us the flexibility to pursue future transactions related to this strategy."
A portion of the repurchased shares may be used for the company's employee benefit plans, and the balance will be available for other general corporate purposes.
The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as levels of cash generation from operations, cash requirements for investments, repayment of debt, current stock price, and other factors.
Brown Shoe may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may be modified or discontinued at any time.
Brown Shoe Company Inc
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