MARVEL EXTENDS STOCK REPURCHASE PROGRAM
press release:
Marvel Enterprises, Inc., a global entertainment and licensing company, announced today that its Board of Directors has authorized an additional $150 million to be utilized in Marvel's common stock repurchase program and extended that program to June 30, 2006.
As of May 10, 2005, Marvel had approximately $13 million remaining under its initial $100 million stock repurchase authorization. Giving effect to today's authorization, Marvel now has a total of approximately $163 million authorized for share repurchases. Marvel currently has cash and short-term investments in excess of $200 million.
Morton E. Handel, Chairman of Marvel's Board of Directors, commented, "Marvel's strong cash position and our expectations for continued strength in our business and our annual cash flows are the attractive byproducts of our unique, risk-averse, business model. Given these factors, Marvel's Board of Directors continues to believe that share repurchases represent an excellent use of capital that should enhance shareholder value over the long term. Accordingly, the Board felt it should act ahead of the completion of our initial $100 million repurchase authorization so that Marvel would be able to continue to pursue repurchase transactions as market conditions permit."
Pursuant to the authorization, Marvel may purchase shares from time to time in the open market or through privately negotiated transactions. Marvel has no obligation to repurchase shares under the authorization, and the timing, actual number and value of shares to be purchased will depend on the performance of Marvel's stock price and market conditions.
Marvel's Chief Executive Officer, Vice Chairman and largest stockholder, Isaac Perlmutter, has agreed to continue not to sell any of his shares of Marvel stock while the expanded repurchase program is in effect. Mr. Perlmutter had previously agreed, when the initial $100 million stock repurchase program was authorized in July, 2004, not to sell any of his shares of Marvel stock until that initial authorization was completed.
Marvel Enterprises, Inc., a global entertainment and licensing company, announced today that its Board of Directors has authorized an additional $150 million to be utilized in Marvel's common stock repurchase program and extended that program to June 30, 2006.
As of May 10, 2005, Marvel had approximately $13 million remaining under its initial $100 million stock repurchase authorization. Giving effect to today's authorization, Marvel now has a total of approximately $163 million authorized for share repurchases. Marvel currently has cash and short-term investments in excess of $200 million.
Morton E. Handel, Chairman of Marvel's Board of Directors, commented, "Marvel's strong cash position and our expectations for continued strength in our business and our annual cash flows are the attractive byproducts of our unique, risk-averse, business model. Given these factors, Marvel's Board of Directors continues to believe that share repurchases represent an excellent use of capital that should enhance shareholder value over the long term. Accordingly, the Board felt it should act ahead of the completion of our initial $100 million repurchase authorization so that Marvel would be able to continue to pursue repurchase transactions as market conditions permit."
Pursuant to the authorization, Marvel may purchase shares from time to time in the open market or through privately negotiated transactions. Marvel has no obligation to repurchase shares under the authorization, and the timing, actual number and value of shares to be purchased will depend on the performance of Marvel's stock price and market conditions.
Marvel's Chief Executive Officer, Vice Chairman and largest stockholder, Isaac Perlmutter, has agreed to continue not to sell any of his shares of Marvel stock while the expanded repurchase program is in effect. Mr. Perlmutter had previously agreed, when the initial $100 million stock repurchase program was authorized in July, 2004, not to sell any of his shares of Marvel stock until that initial authorization was completed.
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