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Rick's Cabaret International Inc Authorizes Additional $3 Million Share Repurchase

Wednesday, 1 May 2013 09:05am EDT 

Rick's Cabaret International Inc announced that it completed the authorized repurchase of $5 million of its stock. The Board of Directors of the Company has authorized the repurchase of up to an additional $3 million worth of shares from time to time on the open market or in privately negotiated transactions. The $5 million buy-back was authorized by the Board on September 29, 2008. Under this buy-back plan, the Company repurchased 756,087 shares of stock in the open market at an average price of $6.61. The timing and the amount of any further repurchases of common stock will be determined by management based on its evaluation of market conditions and other factors. Management and the Board of Directors will continue to monitor the repurchase program, and it may be modified, suspended or discontinued at any time. The repurchase program will be funded using Rick's Cabaret's working capital. 

Company Quote

0.58 +5.29%
4:00pm EDT