On April 16, 2008, Hooker Furniture’s (NasdaqGS:HOFT – News) Board of Directors approved a $10 million increase in its authorization for repurchases of the Company’s common stock. On December 5, 2007, the Company announced that the Board had approved the repurchase of up to $10 million of the Company’s common stock. Through April 16, 2008, the Company had used $6.8 million of that authorization to purchase approximately 352,000 shares of the Company’s common stock, with $3.2 million remaining available for future purchases. As a result of the Board’s action, the Company has a total of $13.2 million available for future purchases.
Since February 2007, the Company’s Board has approved a total of $50 million (including yesterday’s increase) for repurchases of the Company’s common stock. The Company has utilized $36.8 million under these authorizations to repurchase nearly 1.8 million shares in open market transactions at an average price of $20.96 per share, excluding commissions.
Repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices that the Company deems appropriate.
“The Board’s action demonstrates our continuing confidence in the Company’s strategy, growth opportunities and financial strength,” said Paul B. Toms, Jr., chairman and chief executive officer. “We believe that the purchase of Hooker’s shares is a wise use of the Company’s cash and enhances shareholder value.”
Ranked among the nation’s top 10 largest publicly traded furniture sources based on 2006 shipments to U.S. retailers, Hooker Furniture Corporation is an 84-year old residential wood, metal and upholstered furniture resource. Major wood furniture product categories include home entertainment, home office, accent, dining, bedroom and bath furniture under the Hooker Furniture brand and youth bedroom furniture sold under the Opus Designs brand. Hooker’s residential upholstered seating companies include Cherryville, N.C.-based Bradington-Young LLC, a specialist in upscale motion and stationary leather furniture, and Bedford, Va.-based Sam Moore Furniture LLC, a specialist in upscale occasional chairs with an emphasis on cover-to-frame customization. Please visit our websites at http://www.hookerfurniture.com, http://www.bradington-young.com, http://www.sammoore.com and http://www.opusdesigns.net.
The Hooker Furniture Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4305
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to: general economic or business conditions, both domestically and internationally; price competition in the furniture industry; adverse political acts or developments in, or affecting, the international markets from which the Company imports products, including duties or tariffs imposed on products imported by the Company; changes in domestic and international monetary policies and fluctuations in foreign currency exchange rates affecting the price of the Company’s imported products; the cyclical nature of the furniture industry; risks associated with the cost of imported goods, including fluctuation in the prices of purchased finished goods and transportation and warehousing costs; supply, transportation and distribution disruptions, particularly those affecting imported products; risks associated with domestic manufacturing operations, including fluctuations in the prices of key raw materials, transportation and warehousing costs, domestic labor costs and environmental compliance and remediation costs; the Company’s ability to successfully implement its business plan to increase Sam Moore Furniture’s and Opus Design’s sales and improve their financial performance; achieving and managing growth and change, and the risks associated with acquisitions, restructurings, strategic alliances and international operations; higher than expected costs associated with product quality and safety, including regulatory compliance costs related to the sale of consumer products and costs related to defective products; risks associated with distribution through retailers, such as non-binding dealership arrangements; capital requirements and costs; competition from non-traditional outlets, such as catalogs, internet and home improvement centers; and changes in consumer preferences, including increased demand for lower quality, lower priced furniture due to declines in consumer confidence and/or discretionary income available for furniture purchases. Any forward looking statement that the Company makes speaks only as of the date of that statement, and the Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise.
Paul B. Toms Jr., Chairman, Chief Executive
Officer and President
E. Larry Ryder, Executive Vice President &
Chief Financial Officer
Kim D. Shaver, Vice President, Marketing Communications
Source: Hooker Furniture Corporation