Multimedia entertainment retailer, Hastings Entertainment, says its Board of Directors authorized a $10.0 million stock repurchase program. The Company previously announced stock repurchase programs worth $27.5 million.
Hastings Entertainment reported that under this program the company may also repurchase stock on the open market at current market prices. They may also be purchased stock in privately negotiated transactions.
Hastings said any repurchases will depend on the price, any corporate or regulatory requirements and other market conditions. The number of shares repurchased at any time will also vary.
“Although our stock price has increased from $4.24 at January 31, 2010 to $7.25 as of July 31, 2010, we believe our stock price continues to be undervalued,” said Chairman and Chief Executive Officer, John H. Marmaduke. “This program is a sign of our balance sheet strength and free cash flow generation, and serves as a way to increase shareholder value.”
Unrelated to the stock repurchases, Hastings said they expect to announce the financial results for the three and six months ended July 31, 2010 by the way of a press release issued before the market open on Monday, August 16.
Hastings Entertainment is a multimedia entertainment retailer combining the sale of new and used books, videos, video games and CDs, as well as trends and consumer electronics merchandise. They also rent videos and video games out of their 147 superstores. The superstores average around 24,000 square feet throughout the USA.
Hastings e-commerce web site, www.goHastings.com, provides easy access to new and used entertainment products as well as unique, contemporary gifts and toys.