Nike Board approves new $3b share repurchase program
19 Jun '06
1 min read
Sportswear giant Nike Inc announced that its Board of Directors has approved a new four-year, $3 billion share repurchase program.
The company also announced that within a few weeks it expects to complete its previous four-year, $1.5 billion share repurchase program, which was approved by the Board of Directors in June 2004.
Nike, Chairman Philip Knight, said, "The completion of our previous $1.5 billion program two years ahead of schedule is a testament to our confidence in the long-term growth prospects for our company. By doubling the size of the new authorization to $3 billion, we are confident in the strength of our cash flow."*
Mark Parker, Nike Chief Executive Officer, said, "The excellent performance of our business continues to allow us to invest in our future growth and to maximize value for our shareholders. We are very pleased that over the five fiscal year period ending May 31, 2006, Nike Inc returned $2.2 billion in value to shareholders through the repurchase of 31.1 million shares."
Nike Inc based near Beaverton, Oregon is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities.
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