Amarillo’s Hastings Entertainment, the multimedia entertainment retailer, says the Board of Directors authorized a $10 million stock repurchase program . The Company previously announced other stock repurchase programs, of $27.5 million.
Hastings says it may repurchase stock in the open market from time to time at current market prices, or in privately negotiated transactions.
The company believes its stock price is undervalued, even though it rose from $4.24 in January , to $7.25 at the end of last month. Chairman and CEO, John H. Marmaduke says their buyback program is a sign of the strength of the balance sheet strength and cash flow. The buyback increases shareholder value.
On Monday, Hastings announces it’s financial results for the three and six months ended July 31, 2010, before the market open.
Founded in 1968, Hastings sells new and used books, videos, video games, CDs, and consumer electronics merchandise. videos and video games are rented through their 147 superstores, primarily in medium-sized markets throughout the United States.
See the recent press release: Hastings Entertainment, Inc. Announces Stock Repurchase of up to $10.0 Million
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