Trans World Entertainment Announces 5 Million Share Repurchase Program
ALBANY, N.Y.--(BUSINESS WIRE)--Jan. 13, 2000--Trans World Entertainment Corporation
(Nasdaq National Market:TWMC) today announced that its Board of Directors has approved a
stock repurchase program authorizing the repurchase by the Company of five million shares
of common stock. Pursuant to this program, the Company has repurchased one million shares
of common stock from a financial institution through an accelerated share repurchase
program. The share repurchase was funded from available cash.
"Given the strength of our business, we believe the stock of Trans World Entertainment
is undervalued and represents an excellent investment opportunity," said Robert J.
Higgins, Chairman and Chief Executive Officer of Trans World Entertainment. "The
repurchase program of nearly 10% of our outstanding shares reflects our strong cash
position and further advances our efforts to maximize shareholder value."
The accelerated repurchase of one million shares will immediately reduce the number of
shares outstanding and will benefit shareholders through improved earnings per share and
return on equity. The Company plans to repurchase additional shares in open market,
negotiated, or accelerated share repurchase transactions from time to time subject to
market conditions and expects to fund the repurchases through available cash.
Trans World Entertainment is a leading specialty retailer of music and video products.
The Company operates retail stores in 44 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and an e-commerce site, www.twec.com. Mall locations include
Record Town, Camelot, The Wall, Saturday Matinee and F.Y.E. Freestanding locations
include Coconuts Music and Movies, Strawberries Music, Spec's and Planet Music.
Certain statements in this report set forth management's intentions; plans, beliefs,
expectations or predictions of the future based on current facts and analyses. Actual
results may differ materially from those indicated in such statements. Additional
information on factors that may affect the business and financial results of the Company
can be found in filings of the Company with the Securities and Exchange Commission.
CONTACT: Trans World Entertainment Corporation
John Sullivan
Chief Financial Officer
(518) 452-1242 ext. 7400
or
The MWW Group
Investor Relations
Leon Berman -- lberman@mww.com
Mary Rogers Ament - mament@mww.com
(212) 704-9727
08:31 EST JANUARY 13, 2000 |
