COLUMBIA, Mo., Oct. 2, 2023
/PRNewswire/ -- American Outdoor Brands, Inc. (NASDAQ Global
Select: AOUT), an industry leading provider of products and
accessories for outdoor enthusiasts, today announced that its Board
of Directors has approved the repurchase of up to $10 million of the Company's outstanding common
stock ("shares") commencing on October 2,
2023, and ending on September 30,
2024.
The program follows the Company's prior share repurchase
program, which authorized the Company to repurchase up to
$10.0 million of its common stock,
was initiated in 2022 and, as of its expiration on September 29, 2023, resulted in approximately
752,000 shares, or approximately 5.6% of the Company's outstanding
shares, repurchased at an average price of $9.05 per share, or over $6.8 million in the aggregate.
President and Chief Executive Officer, Brian Murphy, said, "Today's announcement
conveys our board's ongoing confidence in our business and
dedication to stockholder value creation. Given our strong,
debt-free balance sheet, we are able to prioritize investing for
growth, both organically and through opportunistic and
accretive M&A activity, while maintaining our commitment
to returning capital to our stockholders. As we regularly evaluate
our opportunities, we believe it is important to have the authority
to repurchase stock at our discretion."
The shares may be repurchased from time to time on the open
market, in block trades, or in privately negotiated transactions.
The amount and timing of any shares repurchased under the program
will be determined at the discretion of management and will depend
on a number of factors, including the market price of the Company's
stock, trading volume, general market and economic conditions, the
Company's capital position, legal requirements, and other factors.
The repurchase program does not obligate the Company to acquire any
particular number of shares, and the repurchase program may be
discontinued at any time at the Company's discretion.
Statement Regarding Forward-Looking Information
The
statements contained in this release that are not historical are
forward-looking statements within the meaning of the U.S. federal
securities laws and we intend that such forward-looking statements
be subject to the safe harbor created thereby. Statements that are
not historical facts, including statements about anticipated
financial outcomes, and share repurchases, as well as other
statements about our expectations, beliefs, intentions, or
strategies regarding the future, or other characterizations of
future events or circumstances, are forward-looking statements.
These statements relate to future events and our future results and
involve a number of risks and uncertainties. Actual results,
performance or achievement could differ materially from those
contained in these forward-looking statements. Specific
forward-looking statements in this press release include our belief
that our strong balance sheet and anticipated positive cash flow
enable us to prioritize investing for growth, both organically and
through opportunistic and accretive M&A activity, while
maintaining our commitment to returning capital to our
stockholders; and our belief that it is important to have the
authority to repurchase stock at our discretion. Forward-looking
statements are based on our beliefs as well as assumptions made by,
and information currently available to, us. The risks and
uncertainties to which forward-looking statements are subject
include, without limitation, changes in price and volume and the
volatility of our common stock, unexpected or otherwise unplanned
or alternative requirements with respect to the capital investments
of the Company, changes in general economic, business and political
conditions, and other risks detailed in the "Statement Regarding
Forward-Looking Information," "Risk Factors" and other sections of
the Company's Annual Report on Form 10-K and other filings with the
Securities and Exchange Commission. Except as required by
applicable law or regulation, we disclaim any obligation and do not
intend to publicly update or review any of our forward-looking
statements, whether as a result of new information, future events
or otherwise.
About American Outdoor Brands, Inc.
American Outdoor
Brands, Inc. (NASDAQ Global Select: AOUT) is an industry leading
provider of outdoor products and accessories, including hunting,
fishing, camping, outdoor cooking, shooting, and personal security
and defense products, for rugged outdoor enthusiasts. The company
produces innovative, top quality products under its brands
BOG®; BUBBA®; Caldwell®; Crimson
Trace®; Frankford Arsenal®; Grilla
Grills®; Hooyman®; Imperial®;
LaserLyte®; Lockdown®; MEAT!; Old
Timer®; Schrade®; Tipton®; Uncle Henry®;
ust®; and Wheeler®. For more information
about all the brands and products from American Outdoor Brands,
Inc., visit www.aob.com.
Contact: Liz Sharp, VP, Investor
Relations
lsharp@aob.com
(573) 303-4620
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SOURCE American Outdoor Brands, Inc.