Cost Plus, Inc. Announces Stock Repurchase Program.Business Editors OAKLAND, Calif.--(BUSINESS WIRE)--Sept. 30, 2002 Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ), today announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a repurchase of up to 500,000 shares of Cost Plus, Inc. common stock from time to time on the open market or in privately negotiated transactions. "Cost Plus is committed to managing its capital for the benefit of its shareholders, and this buyback program reflects our confidence in the Company's future, while at the same time allowing us to continue to grow our business," said Murray Dashe, President, Chairman and Chief Executive Officer of Cost Plus. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. The Company will fund repurchases with working capital including cash or borrowings under its credit facility. The repurchase program does not obligate obligate /ob·li·gate/ (ob´li-gat) pertaining to or characterized by the ability to survive only in a particular environment or to assume only a particular role, as an obligate anaerobe. Cost Plus to acquire any specific number of shares and may be suspended at any time. As of September 30, 2002, Cost Plus had approximately 21.7 million common shares outstanding. Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of September 30, 2002, the Company operated 167 stores in 23 states. Statements in this press release regarding the Company's intention to repurchase shares of its common stock from time to time under the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program and the source of funding are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors identified in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and most recent quarterly reports on Form 10-Q Form 10-Q See 10-Q. filed with the SEC. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion