Wolverine World Wide, Inc. (NYSE: WWW) today announced that its Board of Directors authorized the repurchase of an additional two million shares of common stock, reflecting confidence in the Company's growth prospects. This approval is the fourth 2 million share repurchase authorization since October of 2000.
“Our active stock buyback program underscores the strong confidence we have in the brand portfolio of Wolverine World Wide,” said Timothy J. O'Donovan, President and CEO. “We continue to experience strong operating results and are generating solid cash flow. We see additional share repurchases as one of the ways to employ this cash flow and further enhance shareholder value.”
Share repurchases are authorized to be made over a two-year period at times and amounts considered appropriate by the Company based on factors including price and market conditions as permitted by security laws and other legal requirements.
Wolverine World Wide will report third quarter 2004 results on Oct. 6, 2004, and host a conference call the same day at 10 a.m. EDT. The conference call will be accessible to investors via a live webcast on the Company's website at http://www.wolverineworldwide.com .
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and slippers. The Company's portfolio of highly recognized brands includes: Bates(R), Hush Puppies(R), HYTEST(R), Merrell(R), Sebago(R) and Wolverine(R). The Company also markets footwear under popular licensed brands including CAT(R), Harley- Davidson(R) and Stanley(R). The Company's products are carried by leading retailers in the U.S. and are distributed internationally in over 140 countries. For additional information, please visit our website, http://www.wolverineworldwide.com .
