Liz Claiborne Inc announced that the Board of Directors extended the Company's previously announced program to purchase its Common Stock by authorizing the purchase, from time to time and as market and business conditions warrant, of up to an additional $250 million of its Common Stock for cash in open market purchases and privately negotiated transactions.
As of yesterday's market close, the Company had approximately $78 million remaining on its prior authorization. At yesterday's closing stock price, the total outstanding authorization of approximately $328 million represents approximately 8 percent of the Company's current market capitalization.
The total authorization since inception of the program is $2,175 million. As of yesterday's market close, the Company had purchased approximately 95.7 million shares of Common Stock under the program at an aggregate purchase price of approximately $1,847 million. The last authorization was on May 19, 2005 for $250 million.
As of yesterday's market close, the Company had approximately 104.6 million shares outstanding. Repurchases will be funded through internally generated funds as well as under available credit facilities. Shares acquired will be available for use under the Company's employee stock plans and for other general corporate purposes. No time limit was set for the completion of the program.
Paul R. Charron, Chairman and Chief Executive Officer of Liz Claiborne, said: "This additional stock repurchase authorization, combined with our continued focus on strategic acquisitions, evidences our commitment to the creation of shareholder value."
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