Stock Repurchase Program
During the second fiscal quarter of 2005, the Company purchased a total of 907,500 shares of its common stock at an average price of $22.01. These purchases completed a previously authorized $125.0 million stock repurchase program and commenced repurchases under a new $100.0 million repurchase authorization approved by the Company's board of directors on May 12, 2005, leaving $95.5 million available for future repurchases.
Non-GAAP Financial Measures
This release makes a non-GAAP reference to the Company's $0.30 per share 2005 second quarter net earnings number and related net sales and net income amounts prior to the 2005 impact of PacBucks. The Company believes that use of these financial measures allows management and investors to evaluate and compare the Company's operating results in a more consistent manner. A reconciliation of these measures is included in the accompanying financial schedules.
A Californian apparel & footwear company Pacific Sunwear of California Inc, operating under two distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of July 30, 2005, the Company operated 780 PacSun stores, 91 PacSun Outlet stores and 183 d.e.m.o. stores for a total of 1,054 stores in 50 states and Puerto Rico.