Barnes & Noble Education, Inc. Announces Adoption of Stock Repurchase Program
December 14 2015 - 8:30AM
Business Wire
Barnes & Noble Education, Inc. (NYSE:BNED) today
announced that the Board of Directors has authorized the repurchase
of up to $50 million, in the aggregate, of the Company’s
outstanding common stock. The stock repurchase program will be
carried out at the direction of the Company (which may or may not
include a plan under Rule 10b5-1 of the Securities Exchange Act of
1934). The stock may be repurchased on an ongoing basis. The stock
repurchase program may be suspended, terminated, or modified at any
time. Any repurchased shares will be held as treasury stock and
will be available for general corporate purposes.
About Barnes & Noble Education, Inc.
Barnes & Noble Education, Inc. (NYSE: BNED) enhances the
academic and social purpose of educational institutions. Through
its Barnes & Noble College subsidiary, Barnes & Noble
Education serves more than 5 million college students and their
faculty through its 743 stores on campuses nationwide, delivering
essential educational content and tools within a dynamic retail
environment. The company is at the forefront of digital education
with its digital education platform, Yuzu®, weaving together
digital learning materials to enhance the teaching and learning
experience. Barnes & Noble Education acts as a strategic
partner to drive student success; provide value and support to
students and faculty; and create loyalty and retention, all while
supporting the financial goals of college and university
partners.
General information on Barnes & Noble Education, Inc. can be
obtained by visiting the Company’s corporate website:
www.bned.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 and information relating to Barnes & Noble Education
and its business that are based on the beliefs of the management of
Barnes & Noble Education as well as assumptions made by and
information currently available to the management of Barnes &
Noble Education. When used in this communication, the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“will,” “forecasts,” “projections,” and similar expressions, as
they relate to Barnes & Noble Education or the management of
Barnes & Noble Education, identify forward-looking statements.
Moreover, Barnes & Noble Education operates in a very
competitive and rapidly changing environment. New risks emerge from
time to time. It is not possible for the management of Barnes &
Noble Education to predict all risks, nor can Barnes & Noble
Education assess the impact of all factors on its business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements Barnes & Noble Education may make.
In light of these risks, uncertainties and assumptions, the future
events and trends discussed in this press release may not occur and
actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
Such statements reflect the current views of Barnes & Noble
Education with respect to future events, the outcome of which is
subject to certain risks, including, among others: challenges to
running Barnes & Noble Education independently from Barnes
& Noble, Inc. (“Barnes & Noble”) now that the complete
legal and structural separation of Barnes & Noble Education
from Barnes & Noble (the “Spin-Off”) has been completed;
general competitive conditions, including actions Barnes &
Noble Education’s competitors may take to grow their businesses;
trends and challenges to Barnes & Noble Education’s business
and in the locations in which it has stores; decisions by colleges
and universities to outsource their bookstore operations or change
the operation of their bookstores; non-renewal of contracts; the
general economic environment and consumer spending patterns, a
decline in college enrollment or decreased funding available for
students; decreased consumer demand for Barnes & Noble
Education’s products, low growth or declining sales; disruptions to
Barnes & Noble Education’s computer systems, data lines,
telephone systems or supply chain, including the loss of suppliers;
changes to payment terms, return policies, the discount or margin
on products or other terms with Barnes & Noble Education’s
suppliers; risks associated with data privacy, information security
and intellectual property; work stoppages or increases in labor
costs; Barnes & Noble Education’s ability to attract and retain
employees; possible increases in shipping rates or interruptions in
shipping service, effects of competition; obsolete or excessive
inventory; product shortages; Barnes & Noble Education’s
ability to successfully implement its strategic initiatives; the
performance of Barnes & Noble Education’s online, digital and
other initiatives, including possible delays in the deployment of,
and further enhancements to, Yuzu® and any future higher education
digital products; technological changes; risk that digital sales
growth is less than expectations and the risk that it does not
exceed the rate of investment spend; higher-than-anticipated store
closings; changes in law or regulation; the amount of Barnes &
Noble Education’s indebtedness and ability to comply with covenants
applicable to any future debt financing; Barnes & Noble
Education’s ability to satisfy future capital and liquidity
requirements; Barnes & Noble Education’s ability to access the
credit and capital markets at the times and in the amounts needed
and on acceptable terms; adverse results from litigation,
governmental investigations or tax-related proceedings or audits;
changes in accounting standards; the potential adverse impact on
Barnes & Noble Education’s business resulting from the
Spin-Off; and the other risks and uncertainties detailed in the
section titled “Risk Factors” in Barnes & Noble Education’s
Prospectus filed with the Securities and Exchange Commission
(“SEC”) on July 15, 2015 and in Barnes & Noble Education’s
other filings made hereafter from time to time with the SEC.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Barnes
& Noble Education or persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements in this
paragraph. Barnes & Noble Education undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise after
the date of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20151214005381/en/
Media:Barnes & Noble
Education, Inc.Carolyn J. Brown, (908) 991-2967Vice
PresidentCorporate Communicationscbrown@bned.comorInvestor:Barnes & Noble Education,
Inc.Thomas Donohue, (908) 991-2966Vice PresidentTreasurer and
Investor Relationstdonohue@bned.com
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