OneWater Marine Inc. Announces $50 Million Share Repurchase Authorization
March 31 2022 - 7:00AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”)
announced today that its Board of Directors approved a share
repurchase program to repurchase up to $50 million of the Company’s
Class A common stock from time to time in the open market, in
privately negotiated transactions, or by such other means as will
comply with applicable state and federal securities laws. This is
the Company’s first authorization for repurchases since its initial
public offering.
“The Board of Directors’ authorization of our
inaugural share repurchase program underscores their confidence in
the opportunity ahead of OneWater,” said Austin Singleton, Chief
Executive Officer for OneWater. “As part of our capital allocation
strategy, we believe the Company's stock can represent an
attractive investment opportunity for OneWater. In addition, we
will continue to execute our multi-faceted M&A strategy as
these opportunities remain plentiful. We believe a balanced capital
allocation strategy will continue to drive long-term value creation
for our shareholders.”
The timing of any repurchases under the share
repurchase program will depend on market conditions, contractual
limitations and other considerations. The program may be extended,
modified, suspended or discontinued at any time, and does not
obligate the Company to repurchase any dollar amount or number of
shares. The Company does not intend to execute on the repurchase
program until after the release of fiscal 2022 second quarter
financial information.
About OneWater Marine Inc.
OneWater Marine Inc. is one of the largest and
fastest-growing premium marine retailers in the United States.
OneWater operates a total of 75 retail locations, 9 distribution
centers/warehouses and multiple online marketplaces in 16 different
states, several of which are in the top twenty states for marine
retail expenditures. OneWater offers a broad range of products and
services and has diversified revenue streams, which include the
sale of new and pre-owned boats, finance and insurance products,
parts and accessories, maintenance, repair and other services.
Investor or Media Contact:Jack
EzzellChief Financial OfficerIR@OneWaterMarine.com
Cautionary Statement Concerning
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including regarding our strategy, future
operations, financial position, prospects, plans and objectives of
management, growth rate and its expectations regarding future
revenue, operating income or loss or earnings or loss per share. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “will,” “will be,” “will
likely result,” “should,” “expects,” “plans,” “anticipates,”
“could,” “would,” “foresees,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
“outlook” or “continue” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans or intentions. These forward-looking statements are
not guarantees of future performance, but are based on management's
current expectations, assumptions and beliefs concerning future
developments and their potential effect on us, which are inherently
subject to uncertainties, risks and changes in circumstances that
are difficult to predict. Our expectations expressed or implied in
these forward-looking statements may not turn out to be
correct.
Important factors, some of which are beyond our
control, that could cause actual results to differ materially from
our historical results or those expressed or implied by these
forward-looking statements include the following: effects of
industry wide supply chain challenges and our ability to maintain
adequate inventory, changes in demand for our products and
services, the seasonality and volatility of the boat industry, our
acquisition and business strategies, the inability to comply with
the financial and other covenants and metrics in our credit
facilities, cash flow and access to capital, effects of the
COVID-19 pandemic and related governmental actions or restrictions
on the Company’s business, risks related to the ability to realize
the anticipated benefits of any proposed or recent acquisitions
within the anticipated timeframe or at all, including the risk that
proposed or recent acquisitions will not be integrated
successfully, the timing of development expenditures, and other
risks. More information on these risks and other potential factors
that could affect our financial results is included in our filings
with the Securities and Exchange Commission, including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our Annual Report
on Form 10-K for the fiscal year ended September 30, 2021, which is
on file with the SEC and available from OneWater Marine’s website
at www.onewatermarine.com under the “Investors” tab, and in other
documents OneWater Marine files with the SEC. Any forward-looking
statement speaks only as of the date as of which such statement is
made, and, except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
because of new information, future events, or otherwise.
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