The Oakley, Inc. board of directors authorized the repurchase of up to $20 million of its common stock in the open market, from time to time, as market conditions warrant.
“We are making excellent progress on our strategic initiatives to generate sustained profitable growth. Oakley's strong cash generation and solid financial position have allowed us to make several important acquisitions this year as well as fund critical investments in our core optics and retail platforms,” commented Scott Olivet, chief executive officer, Oakley, Inc. “We will continue to balance dividends and share repurchases with continued investments in Oakley's organic growth and acquisition opportunities to deliver increased shareholder value.”
Oakley's existing stock repurchase program, which was authorized in March 2005, has approximately $3.0 million remaining. Under the existing plan repurchases to date total 1,175,785 shares at an average per share price of $14.79.
The company also announced that it has entered into a $185 million multicurrency revolving credit facility with a syndicate of lenders. The new credit facility will expire in September 2011. The company's previous $75 million credit facility, which was due to expire in September 2007, has been terminated.