Malibu Boats, Inc., the Tennessee-based designer and manufacturer of salt and freshwater recreational powerboat brands, has announced that its Board of Directors has authorized an increase to the company’s existing share repurchase program, raising the authorized amount from $50 million to $70 million.
“The expanded repurchase program reflects the board’s confidence in MBI’s long-term strategy, financial position, and commitment to delivering value to shareholders,” the company said in a media release.
“The board’s decision regarding the share repurchase program reflects MBI’s sustained business as well as our continued confidence in the long-term prospects for the company,” said David Black, CFO,Malibu Boats, Inc. “We remain focused on investing in our core businesses while returning excess capital to shareholders.”
The company said the timing and number of shares repurchased under the program will depend on a number of factors, including applicable securities law and other regulatory requirements, prevailing market conditions and stock price, liquidity and cash flow considerations, general business and market conditions, and other factors.
“The share repurchase program permits shares to be repurchased in a variety of methods, including open market purchases, accelerated share repurchases, privately negotiated transactions, or by other methods,” the company noted. “The share repurchase program does not require the company to acquire any amount of shares and may be suspended or discontinued at any time.”
During the second quarter, the company repurchased $20.7 million of shares under the repurchase program.
Image courtesy Malibu Boats, Inc.
