Arctic Cat Inc. recently announced that its board of directors has authorized the company to repurchase up to $20 million in additional shares of its common stock from time to time in open market transactions. This repurchase authorization represents approximately 800,000 shares, or about 4 percent of the company’s common shares outstanding. Arctic Cat currently has approximately 150,000 shares remaining under a previous share repurchase program. The company has repurchased more than 9 million common shares since 1996.
Commenting on the new authorization, Arctic Cat’s Chairman and CEO Christopher Twomey said, “Our board of directors believes that investing in Arctic Cat’s stock is currently an excellent use of our cash. This share repurchase program increases shareholder value. It reflects our continued success in creating leading ATV and snowmobile products in the leisure recreation industry, along with related apparel and accessories. It also demonstrates our confidence in Arctic Cat’s growth prospects.”
Arctic Cat has approximately 21 million common and Class B common shares outstanding.