Vista Outdoor Inc.'s board of directors authorized a repurchase program for up to $200 million of the company's common stock.
“Implementing a share repurchase program following the spin-off of Vista Outdoor affirms our commitment to return value to our shareholders through a balanced capital deployment strategy,” said Mark DeYoung, Vista Outdoor Chairman and Chief Executive Officer. “The company is well positioned early in its operations to have the flexibility to begin repurchasing shares at opportune times.”
The timing, number and value of shares repurchased by Vista Outdoor under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of Vista Outdoor's stock, Vista Outdoor's operating results and financial position, alternative investment opportunities, general market and economic conditions, legal and regulatory considerations and compliance with the terms of Vista Outdoor's senior credit facility. Vista Outdoor's share repurchase program expires after two years.
Repurchases under the program may be executed from time to time in open market transactions at prevailing market prices or in privately negotiated transactions and may be suspended at any time. The program also allows the company to execute repurchases using Rule 10b5-1 trading plans.
Vista Outdoor is a leading global designer, manufacturer and marketer in the growing outdoor sports and recreation markets. The company operates in two segments, Shooting Sports and Outdoor Products, and has more than 30 well-recognized brands that provide consumers with a range of performance-driven, high-quality and innovative products in the ammunition, firearms and outdoor accessories categories. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and facilities in 10 U.S. States, Puerto Rico, Mexico and Canada along with international sales and sourcing operations in Canada, Europe, Australia, New Zealand and Asia.