Apparel, headwear and related accessories company Delta Apparel Inc. on Tuesday announced that the company’s board of directors has approved a new authorization under the company’s stock repurchase program for the repurchase of up to an additional $10 million of the company’s outstanding common stock, bringing the total amount authorized under the program to $60 million.
Since the inception of its stock repurchase program, the company has returned in excess of $47 million to shareholders through open market and private transaction share repurchases. Prior to the board’s action, approximately $3 million remained available for repurchases under the program. With the new authorization, approximately $13 million is now available for repurchases.
“Our strong balance sheet and ability to execute on business objectives continue to position us to return value to shareholders through share repurchases when we see opportunities,” said Robert W. Humphreys, Delta Apparel’s chairman and CEO. “The board’s decision to, once again, increase the authorization level for repurchases under our program demonstrates its confidence in our business model and the future of Delta Apparel.”
The company intends to continue to make stock purchases through open-market transactions pursuant to SEC Rule 10b-18 as well as through privately negotiated transactions, with the timing and number of shares purchased depending upon a variety of factors such as price, corporate and regulatory requirements, alternative investment opportunities and other market and economic conditions. Share repurchases are subject to suspension or discontinuation at the company’s discretion. The company’s stock repurchase program does not have an expiration date, and the company’s board of directors may modify, extend or terminate the program at any time.
