Perry Ellis International Inc announced that its Board of Directors has approved a new stock repurchase program. This program authorizes the Company to repurchase up to $20 million of its common stock for cash in accordance with SEC requirements.
George Feldenkreis, chairman and chief executive officer of Perry Ellis International, stated: "We believe this decision to initiate a stock repurchase program underscores the Board of Directors' confidence in Perry Ellis International's diversified growth strategies.
This announcement also demonstrates our commitment to enhancing long-term stockholder value and our optimism in our ongoing ability to generate consistent returns by maximizing the value our diversified brand model offers."
The timing and the amount of any repurchases will be determined by the Company's management, based on its evaluation of market conditions and other factors. The stock repurchase program will be funded using the Company's cash balances and available credit facilities.
Shares acquired will be available for use under the Company's employee stock plans and for other general corporate purposes. Although the Board of Directors allocated a maximum of $20 million to carry out the program, the company is not obligated to purchase any specific number of outstanding shares, and will reevaluate the program on an ongoing basis.
Source at Fibre2fashion.com
