West Marine
WMAR the largest specialty retailer of boating supplies and
accessories today announced that its Board of Directors has authorized a new
share repurchase program through which West Marine, from time to time, may
repurchase of its common stock in the open market or through privately
negotiated transactions in an amount up to $10 million, with the amount and
timing of repurchases to be determined by the company's management.
This new program is being implemented primarily to mitigate the dilutive
impact of shares issued under the company's omnibus equity incentive plan and
its employee stock purchase plans. West Marine currently plans to implement
the repurchase program after the release of results for the second fiscal
quarter of 2013.
Commenting on the new program, West Marine Chief Executive Officer Matthew
Hyde said, "Our strong cash flow and solid financial position enable us to
carry out this repurchase program, on a measured basis, without limiting our
ability to invest capital in our key growth strategies."
West Marine has no obligation to repurchase shares under the Board's
authorization, and the timing, actual number and price of shares that are
purchased will depend on a number of factors, including the market value of
West Marine's common stock. West Marine may suspend or discontinue this
repurchase program at any time.
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