Thursday November 20, 8:01 am Eastern Time
Company Press Release
Gymboree Board Authorizes an Additional $30 Million
Stock Repurchase Program
BURLINGAME, Calif.--(BUSINESS WIRE)--Nov. 20, 1997--The Gymboree Corporation
(NASDAQ:GYMB - news) today announced that its Board of Directors has authorized a Common
Stock repurchase program in which the Company may purchase up to $30 million of its stock in the
open market. This is the second repurchase program the Board has approved this year. In May
1997, the Company completed a $30 million stock repurchase authorized by the Board in February.
As of November 1, 1997, the Company had approximately 24.9 million shares outstanding.
''The Board's decision is consistent with our objectives of enhancing shareholder value and reflects
its continuing confidence in Gymboree's business and prospects,'' said Gary White, President and
Chief Executive Officer. ''We remain convinced that the range in which our stock has recently
traded does not reflect our company's true potential.''
The Gymboree Corporation designs, manufactures, and retails unique, high quality apparel and
accessories for children from birth to seven years of age. The Company operates 434 stores which
includes 418 stores in the United States, 11 stores in Canada, 4 stores in The United Kingdom and
1 store in The Republic of Ireland. The Company also offers directed parent-child developmental
play programs at over 390 franchised and company operated centers in the United States and nine
foreign countries.
The foregoing paragraphs contain forward-looking statements within the meaning of the Federal
Securities laws. Actual results could differ materially from those projected in the forward-looking
statements as a result of a number of factors, including competitive market conditions, the degree of
promotional pricing activity by the Company, inventory levels, the ability of the Company to
successfully identify and respond to emerging children's fashion trends, the ability of the Company to
effectively monitor and control costs, the ability of the Company to effectively manage international
and domestic growth, levels of discretionary consumer spending and general economic conditions.
Other factors that my cause actual results to differ materially include those set forth in the reports that
the Company files from time to time with the Securities and Exchange Commission.
Contact:
The Gymboree Corp.
Joe Prusko, 650/696-7540
or
Kekst and Company
Dawn Dover, 212/521-4817 |
