Pacific Sunwear, following a regularly scheduled meeting of the company's board of directors, has authorized the company to repurchase up to an additional $50 million of Pacific Sunwear common stock.
In the first half of fiscal 2004, under repurchase authorizations of $75 million, the Company repurchased an aggregate of 3,518,200 shares of Pacific Sunwear common stock at an average price of $21.30, for approximately $74.9 million.
“This additional $50 million stock repurchase authorization reflects the company's strong balance sheet and earnings performance. This is an excellent use of our cash and does not in any way affect our plans to open new stores in fiscal 2004 or 2005. The Company projects that year-end cash and invested cash balances (January 29, 2005) will be approximately $150 million, excluding any additional repurchases under the new $50 million authorization,” said Greg Weaver, Chairman and Chief Executive Officer.
