Barnes & Noble Announces New Stock Repurchase Program and Declares Quarterly Dividend
March 15 2017 - 4:15PM
Business Wire
Barnes & Noble, Inc. (NYSE: BKS) today announced that
its Board of Directors has authorized a new stock repurchase
program of up to $50 million of its common shares, to be utilized
at the Company’s discretion. Stock repurchases under this
program may be made through open market and privately negotiated
transactions from time to time and in such amounts as management
deems appropriate. The repurchase program has no expiration
date and may be suspended or discontinued at any time.
Additionally, the Board of Directors declared a quarterly cash
dividend of $0.15 per share, payable on April 28, 2017 to
stockholders of record at the close of business on April 7,
2017.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE:BKS) is a Fortune 500 company,
the nation’s largest retail bookseller, and a leading retailer of
content, digital media and educational products. The Company
operates 634 Barnes & Noble bookstores in 50 states, and one of
the Web’s premier e-commerce sites, BN.com (www.bn.com). The Nook
Digital business offers a lineup of popular NOOK® tablets and
eReaders and an expansive collection of digital reading and
entertainment content through the NOOK Store®. The NOOK Store
features more than 4.5 million digital books in the US
(www.nook.com), plus periodicals and comics, and offers the ability
to enjoy content across a wide array of popular devices through
Free NOOK Reading Apps™ available for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained by
visiting the Company's corporate website at
www.barnesandnobleinc.com.
BKS – Financial
Forward-Looking Statements
This press release contains certain forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended) and information relating to Barnes & Noble that are
based on the beliefs of the management of Barnes & Noble as
well as assumptions made by and information currently available to
the management of Barnes & Noble. When used in this
communication, the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and
similar expressions, as they relate to Barnes & Noble or the
management of Barnes & Noble, identify forward-looking
statements.
Such statements reflect the current views of Barnes & Noble
with respect to future events, the outcome of which is subject to
certain risks, including, among others, the general economic
environment and consumer spending patterns, decreased consumer
demand for Barnes & Noble’s products, low growth or declining
sales and net income due to various factors, including store
closings, higher-than-anticipated or increasing costs, including
with respect to store closings, relocation, occupancy (including in
connection with lease renewals) and labor costs, the effects of
competition, the risk of insufficient access to financing to
implement future business initiatives, risks associated with data
privacy and information security, risks associated with Barnes
& Noble’s supply chain, including possible delays and
disruptions and increases in shipping rates, various risks
associated with the digital business, including the possible loss
of customers, declines in digital content sales, risks and costs
associated with ongoing efforts to rationalize the digital business
and the digital business not being able to perform its obligations
under the Samsung commercial agreement and the consequences
thereof, the risk that financial and operational forecasts and
projections are not achieved, the performance of Barnes &
Noble’s initiatives including but not limited to its new store
concept and e-commerce initiatives, unanticipated adverse
litigation results or effects, potential infringement of Barnes
& Noble’s intellectual property by third parties or by Barnes
& Noble of the intellectual property of third parties, and
other factors, including those factors discussed in detail in Item
1A, “Risk Factors,” in Barnes & Noble’s Annual Report on Form
10-K for the fiscal year ended April 30, 2016, and in Barnes &
Noble’s other filings made hereafter from time to time with the
SEC.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Barnes
& Noble or persons acting on its behalf are expressly qualified
in their entirety by the cautionary statements in this paragraph.
Barnes & Noble undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this
communication.
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version on businesswire.com: http://www.businesswire.com/news/home/20170315006341/en/
Barnes & Noble, Inc.Media:Mary Ellen Keating,
212-633-3323Senior Vice PresidentCorporate
Communicationsmkeating@bn.comInvestors:Andy Milevoj, 212-633-3489Vice
President, Investor Relationsamilevoj@bn.com
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