USA: Nautica Enterprises, Inc. Authorizes Stock Buyback
Nautica Enterprises, Inc. (NASDAQ:NAUT) today announced that its Board of Directors has authorized the Company to purchase two million shares of Nautica common stock on the open market. Such purchases may be made from time to time, subject to market conditions and other factors that the Company may consider. The Company also reported that it had substantially completed the purchase of two million shares of Nautica common stock previously announced on March 6, 2000. Harvey Sanders, Chairman and Chief Executive Officer, said "This action demonstrates our confidence in Nautica's future and our continued commitment to improving shareholder value." This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and involve risks that could cause actual results to be materially different from those set forth in the forward-looking statements. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof. Nautica Enterprises, Inc., through its subsidiaries, designs, sources, markets and distributes apparel under the following brands: Nautica; Nautica Competition; NST - Nautica Sport Tech; Nautica Jeans Company; John Varvatos; E. Magrath and, Byron Nelson.
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