Just posted this on the RB board. I hope it proves fruitful for Emerson.
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Emerson Radio Repurchases 4.4 Million Shares; Share Repurchase Program Continues; Earnings Per Share Expected to Benefit
PARSIPPANY, N.J., Jun 13, 2002 (BUSINESS WIRE) -- Emerson Radio Corp.
(AMEX: MSN) announced today that through a combination of private transactions
and open market purchases, it has repurchased approximately 4.4 million shares
of its outstanding common stock. Of the shares purchased, 4,100,009 shares were
acquired through the exercise of its previously announced purchase option, with
the remaining 336,800 shares purchased pursuant to its share repurchase program
initiated September, 2001. After the repurchases, the Company has 26,907,169
shares of common stock outstanding.
Geoffrey P. Jurick, the Company's Chairman and Chief Executive Officer said,
"The recent repurchase of 4.1 million shares of outstanding common stock subject
to the option agreement at favorable prices provided an excellent opportunity to
benefit shareholders in the form of higher earnings per share potential.
Furthermore, the additional repurchase of shares in the open market as a result
of Emerson's stock repurchase program reflects our continued commitment to
improving shareholder value.
"Shareholders will commence to realize an effect on earnings per share at the
conclusion of Emerson's first quarter ending June 30, 2002."
Kenneth A. Corby, Executive Vice President and Chief Financial Officer, added,
"The repurchase of shares reduced Emerson's outstanding common shares by
approximately 14.2%, when combined with the cumulative effect of previous
repurchases total 47.7% of Emerson's then outstanding common shares.
Additionally, these repurchases required no additional borrowings and were paid
from cash generated from operations. Emerson is clearly providing the platform
to improve shareholder value through share repurchases that are funded by its
strong cash flow."
This press release, other than the historical information, consists of
"forward-looking statements" (as defined in the Private Securities Litigation
Reform Act of 1995) which are identified by the use of words such as "believes,"
"expects," "projects," and similar expressions. While these statements reflect
the Company's current beliefs and are based on assumptions that the Company
believes are reasonable, they are subject to uncertainties and risks that could
cause actual results to differ materially from anticipated results. These risks
and uncertainties are detailed from time to time in the Company's filings with
the Securities and Exchange Commission, including the Company's reports on Form
10-K, 10-Q and 8-K.
EMERSON RADIO CORP., founded in 1948, is headquartered in Parsippany, N.J. The
Company designs, markets and licenses, throughout the world, full lines of
televisions, and other video products, microwave ovens, clocks, radios, audio
and home theater products. Its 53% owned subsidiary, Sport Supply Group, Inc. is
a direct marketer of sports-related equipment and leisure products to the
institutional market, including schools, colleges, universities, government
agencies, military facilities, athletic clubs, athletic teams and dealers, youth
sports leagues and recreational organizations. Emerson's Web site is
www.emersonradio.com.
CONTACT: Emerson Radio Corp.
Kenneth A. Corby, 972/884-2302
or
Investor Relations:
Laura Boorn, 972/884-2302
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