K-Swiss Inc. announced its Board of Directors authorized a new stock repurchase program for the company to repurchase up to $70 million of the company's Class A Common Stock. This program replaces the Company's existing 2004 stock repurchase authorization for up to 5,000,000 shares that expires on December 31, 2009.
Under the new stock repurchase program, the company may purchase through December 31, 2014, as market conditions warrant and from time to time on the open market or otherwise, up to $70 million of its Class A Common Stock. The company believes the repurchase of its shares of Class A Common Stock can be a good use of excess cash depending on the Company's array of alternatives.
Since August 1996, the company has expended an aggregate of $166.8 million through its several stock repurchase programs by which it has purchased 25.5 million shares of its Class A Common Stock.
Commenting on the announcement, Steven Nichols, Chairman of the Board and President, said, “We are pleased the Board has elected to establish a new repurchase program. This new authorization complements the ongoing investments in our Classic, running and tennis development.”
