Candice, thank to you and others who beleive it is a great movei,
Serge is gonna me a few dollars
;-)))
Marvel Board Authorizes $100 Million Share Repurchase Program
Monday, July 12, 2004 6:30 AM
- BusinessWire
NEW YORK, Jul 12, 2004 (BUSINESS WIRE) -- Marvel Enterprises, Inc., (MVL) a global entertainment licensing company, announced today that its Board of Directors has authorized a $100 million common stock repurchase program.
Pursuant to the authorization, Marvel may purchase shares from time to time in the open market or through privately negotiated transactions over the next eighteen months. Marvel's largest shareholder and Vice Chairman, Isaac Perlmutter, and its Marvel Studios' Chief Executive Officer, Avi Arad, have each agreed not to sell any shares while the repurchase program is in place.
The authorization follows Marvel's redemption last month of its remaining long-term debt, freeing the Company to consider share repurchases as one use of its current cash holdings and future cash flows. Marvel currently has over $150 million in cash, certificates of deposit and commercial paper. Without any share repurchases, Marvel expects that year-end 2004 cash levels would exceed $200 million.
"Robust cash flows and surplus cash are two attractive byproducts of Marvel's unique, risk-averse, business model. Given our continued confidence in Marvel's long-term outlook and our solid balance sheet, Marvel's Board of Directors believes share repurchases represent an excellent use of capital that enhances shareholder value over the long term," said Allen Lipson, Marvel's President and CEO.
Marvel has no obligation to repurchase shares under the authorization, and the timing, actual number and value of shares to be purchased will depend on the performance of Marvel's stock price and market conditions. Marvel has approximately 115 million fully-diluted shares outstanding and has an approximate public float of 85 million shares.
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