American Outdoor Brands, Inc.’s Board of Directors approved repurchasing up to $10 million of the company’s outstanding common stock.
The share repurchases will begin on October 2, 2023 and end on September 30, 2024.
The announcement follows the company’s prior share repurchase program, which authorized the company to repurchase up to $10.0 million of its common stock, initiated in 2022 and, as of its expiration on September 29, 2023, resulted in approximately 752,000 shares, or roughly 5.6 percent of the company’s outstanding shares, repurchased at an average price of $9.05 per share, or over $6.8 million in the aggregate.
President and CEO Brian Murphy said, “Today’s announcement conveys our board’s ongoing confidence in our business and dedication to stockholder value creation. Given our strong, debt-free balance sheet, we are able to prioritize investing for growth, both organically and through opportunistic and accretive M&A activity, while maintaining our commitment to returning capital to our stockholders. As we regularly evaluate our opportunities, we believe it is important to have the authority to repurchase stock at our discretion.”
American Outdoor Brands manufactures outdoor accessories under the Bog, Bubba, Caldwell, Crimson Trace, Frankford Arsenal, Grilla Grills, Hooyman, Imperial, LaserLyte, Lockdown, Meat!, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler brand labels.
