Regis BOD approves $100mn stock repurchase program
03 May '07
2 min read
Regis Corporation announced that its Board of Directors approved a $100 million increase in the Company's common stock repurchase program to $300 million. The Company has repurchased $164 million of common stock under previous authorizations. The stock repurchase program does not have an expiration date.
“Our confidence in the strength of our business model, combined with a strong balance sheet and predictable operating cash flow provides us the opportunity to expand our common stock repurchase program,” commented Paul D. Finkelstein, chairman and chief executive officer.
“Beginning with the fourth quarter of last year, we have been much more aggressive with respect to stock repurchase and expect that we will have repurchased $100 million of stock prior to the end of our current fiscal year. This increased authorization gives us the ability to repurchase an additional $100 million in stock during our upcoming 2008 fiscal year.”
Regis Corporation is the beauty industry's global leader in salons, hair restoration centers and education. As of March 31, 2007, the company owned or franchised 11,773 worldwide locations; which included 11,627 beauty salons, 90 hair restoration centers and 56 beauty schools operating under concepts such as Supercuts, Jean Louis David, Vidal Sassoon, Regis Salons, MasterCuts, Trade Secret, SmartStyle, Cost Cutters and Hair Club for Men and Women. These and other concepts are located in the US and in ten other countries throughout North America and Europe.
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