Ollie’s Bargain Outlet Holdings, Inc. Announces $100 million Increase in Share Buyback Authorization
December 15 2020 - 4:30PM
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the
“Company”) today announced that its Board of Directors authorized
an increase in its share buyback program up to $159.6 million. This
includes the approximately $59.6 million remaining under its
previously announced program that expires on March 26, 2021. The
authorization of the additional $100 million expires on January 13,
2023, subject to extension or earlier termination by the Board of
Directors at any time.
The shares may be purchased from time to time in
open market transactions (including blocks), privately negotiated
transactions, accelerated share repurchase programs or other
derivative transactions, issuer self-tender offers or any
combination of the foregoing. The timing of repurchases and the
actual amount purchased will depend on a variety of factors
including the market price of the Company’s shares, general market
and economic conditions, and other corporate considerations.
Repurchases may be made pursuant to plans
intended to comply with Rule 10b5-1 under the Securities Exchange
Act of 1934, which could allow the Company to purchase its shares
during periods when it otherwise might be prevented from doing so
under insider trading laws or because of self-imposed trading
blackout periods. Repurchases are expected to be funded from cash
on hand or through the utilization of our revolving credit
facility. The increased repurchase authorization does not require
the purchase of a specific number of shares.
John Swygert, President and Chief Executive
Officer, stated, “We are very pleased to be increasing our share
buyback program and continuing to increase shareholder value. Our
strong financial performance and cash flow, combined with our
confidence in our future growth outlook, enabled us to increase
this program while leaving us with ample liquidity to continue to
execute our long-term strategy.”
About Ollie’s
We are a highly differentiated and fast growing,
extreme value retailer of brand name merchandise at drastically
reduced prices. We are known for our assortment of merchandise
offered as Good Stuff Cheap®. We offer name brand products, Real
Brands! Real Bargains!®, in every department, including housewares,
food, books and stationery, bed and bath, floor coverings, toys,
health and beauty aids and other categories. We currently operate
389 stores in 25 states throughout half of the United States. For
more information, visit https://www.ollies.us/home.html.
Investor Contact: Jean
FontanaICR646-277-1214Jean.Fontana@icrinc.com
Media Contact:Tom KuypersSenior Vice President
– Marketing & Advertising717-657-2300 tkuypers@ollies.us
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