Shoe Carnival, Inc. announced that on Dec. 11, 2014, its board of directors authorized a new share repurchase program for up to $25 million of its outstanding common stock, effective Jan. 1, 2015.
The purchases under the new share repurchase program may be made in the open market or through privately negotiated transactions from time-to-time through December 31, 2015, and in accordance with applicable laws, rules and regulations. The program may be amended, suspended or discontinued at any time and does not commit the Company to repurchase shares of its common stock. The Company intends to fund the share repurchase program from cash on hand and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of the Companys stock price and other market conditions.
The new share repurchase program replaces the existing $25 million share repurchase program that was authorized in August 2010, which will expire in accordance with its terms on December 31, 2014. There is currently $12.8 million that remains authorized for repurchases under the existing share repurchase program. No further purchases will be made under the existing share repurchase program prior to its expiration.
