The Finish Line, Inc. has reinstated the quarterly cash dividend program with a 20% increase to 3 cents per share of Class A and Class B common stock. The first quarterly cash dividend will be payable on Sept. 15, to shareholders of record on Aug. 29. The retailer also authorized a program to repurchase up to 5 million shares.


 

Alan H. Cohen, Chairman and CEO, stated, “The Board's decision recognizes our improved financial performance, as well as the long-term opportunities we believe lie ahead. Further, the Board is committed to actions that can contribute to the total return to our shareholders.”

 


The company also announced that its Board of Directors authorized a new stock repurchase program to repurchase up to 5 million shares of the company's Class A common stock, or approximately 9% of the aggregate Class A and Class B common stock outstanding. Under the stock repurchase program, the company may purchase shares through Dec. 31, 2011. The company believes that adoption of the repurchase program could be a viable use of excess cash. Such purchases, if any, will occur from time to time, as market conditions warrant and as the company deems appropriate when judged against other alternative uses of cash.