11 Dec Shoe Carnival Sets $50 Million Share Repurchase Program
Shoe Carnival, Inc. announced that its board of directors authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective Jan. 1, 2016. In addition, its Board of Directors approved the payment of a quarterly cash dividend of $0.065 per share to be paid on Jan. 25, 2016, to shareholders of record as of the close of business on Jan. 11, 2016.
The new share repurchase program will replace the existing $25 million share repurchase program that was authorized on Dec. 11, 2014, which will expire in accordance with its terms on Dec. 31, 2015. There is currently $12.2 million that remains authorized for repurchases under the existing share repurchase program. Additional purchases may be made under the existing share repurchase program prior to its expiration.
The company intends to fund the share repurchase program from cash on hand and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of the company’s stock price and other market conditions.