USA: Sport-Haley Announces Increase In Stock Buyback Program
Sport-Haley, Inc (Nasdaq: SPOR) today announced that the Board of Directors has increased the number of shares authorized for purchase under the company's previously announced repurchase program. The new authorization will permit the company to purchase a total of 320,000 additional shares of its Common Stock. The company has purchased all of the shares previously authorized for purchase under the repurchase program. The new authorization will take effect on the filing of the company's Form 10-K for the year ended June 30, 2000. The purchases may be made periodically in the open market, through block purchases or in privately negotiated transactions, depending on market conditions and other factors."Based on our belief that the repurchase program is in the best interests of our shareholders and that repurchases are a good investment of corporate funds, especially at the current market price, we have determined to further expand the number of shares authorized to be repurchased under the stock buyback program," said Robert G. Tomlinson, chairman and chief executive officer.Sport-Haley designs, contracts for the manufacture of, and markets quality men's and women's golf apparel and outerwear under the Haley label. The company's apparel is sold in the premium and mid priced market through a network of independent sale representatives and distributed to golf professional shops, country clubs and resorts across the United States and internationally.
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