The board of directors for Vail Resorts Inc. has increased the company's common stock repurchase authorization by three million shares.
Shares of common stock purchased pursuant to the repurchase program
will be held as treasury shares and may be used for the issuance of shares under the company's employee stock plans.
Vail Resorts is now authorized to purchase up to 3.28 million shares, with 284,218 shares remaining under a share repurchase program approved by the company's board on March 9, 2006. Since its third quarter earnings announcement on June 5, 2008, the company has repurchased 1.20 million shares at an average price of $39.40, under the 2006 program.
“Our Board took this action based upon our company's continued strong
financial condition and it reflects the board's confidence in Vail Resorts'
growth potential,” said Robert Katz, chief executive officer of Vail
Resorts.
