Pacific Sunwear of California repurchased an aggregate of 2,223,700 shares of Pacific Sunwear common stock in the first quarter at an average price of $22.483, for approximately $50.0 million. These repurchases complete the authorization made by the company's board of directors on January 28, 2004.
The 2,223,700 share repurchase reduced basic and diluted shares outstanding by approximately 2.8 percent.
The company also announced today that the company's board of directors has authorized the company to repurchase up to an additional $25 million of Pacific Sunwear common stock.
“The $50 million repurchase reflects our strong cash position and represents an excellent use of our cash without in any way affecting our growth plans. After the $50 million repurchase, the company projects year-end cash and invested cash balances (January 29, 2005) will exceed $200 million excluding any additional repurchases under the new $25 million authorization,” stated Greg Weaver, chairman and CEO.
