CMRG to repurchase up to $75 mn of its Common Stock

19 Dec '06

3 min read

The stock repurchase program will expire on December 31, 2007 and may be terminated earlier at any time without prior notice. The Company may also from time to time adopt one or more so-called 10b5-1 Plans to effect stock repurchases under this program.

This stock repurchase program will replace the Company's previously announced $30 million stock repurchase program, under which approximately $13.1 million was repurchased during 2006.

"The stock repurchase program is a good investment of available funds. It reflects our continued confidence in the Company's long term strategic growth initiatives and its market share potential," said David Levin, President and Chief Executive Officer.

Dennis Hernreich, Chief Operating Officer and Chief Financial Officer of Casual Male, added, "The redemption/conversion of our notes and the stock repurchase program, when combined with our accelerating cash flow, provides significant financial flexibility with the potential for a debt free balance sheet."

"We anticipate that these transactions will have a neutral impact on earnings per share for the 2006 fiscal year and in 2007 they are expected to have an accretive effect on earnings per share of approximately 10%, depending upon the timing and ultimate amount of stock repurchased pursuant to the stock buyback."

Casual Male Retail Group Inc

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