News Release | Corporate Communications 262 N. University Dr. Farmington, UT 84025 | Phone: 801-447-3000 | ||
| For Immediate Release | ||||
| Media Contact: | Investor Contact: | |||
| Amanda Covington | Michael Pici | |||
| Phone: 801-447-3035 | Phone: 801-447-3168 | |||
| E-mail: media.relations@vistaoutdoor.com | E-mail: investor.relations@vistaoutdoor.com | |||
Vista Outdoor Board of Directors Approves $100 Million Share Repurchase Program
Farmington, Utah, August 25, 2016 –Today, Vista Outdoor Inc. (NYSE: VSTO) announced that the company’s Board of Directors has approved a new repurchase program for up to $100 million of the company’s common stock.
“We recently completed our previously approved $200 million share repurchase program, and we are committed to creating long-term value for our shareholders by repurchasing shares as part of a balanced capital deployment strategy,” said Mark DeYoung, Vista Outdoor Chairman and Chief Executive Officer.
The timing, number and value of shares repurchased by Vista Outdoor under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of Vista Outdoor's stock, Vista Outdoor's operating results and financial position, alternative investment opportunities, general market and economic conditions, legal and regulatory considerations and compliance with the terms of Vista Outdoor's senior credit facility and indenture governing the company’s 5.875% Senior Notes. Vista Outdoor's share repurchase program expires at the end of Fiscal Year 2018. Repurchases under the program may be executed from time to time in open market transactions at prevailing market prices or in privately negotiated transactions and may be suspended at any time. The program also allows the company to execute repurchases using Rule 10b5-1 trading plans.
About Vista Outdoor
Vista Outdoor is a leading global designer, manufacturer and marketer of consumer products in the growing outdoor sports and recreation markets. The company operates in two segments, Shooting Sports and Outdoor Products, and has a portfolio of well-recognized brands that provides consumers with a wide range of performance-driven, high-quality and innovative products for individual outdoor recreational pursuits. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and facilities in 13 U.S. States, Canada, Mexico and Puerto Rico along with international customer service, sales and sourcing operations in Asia, Australia, Canada, Europe and New Zealand. For news and information, visit www.vistaoutdoor.com or follow us on Twitter @VistaOutdoorInc and Facebook at www.facebook.com/vistaoutdoor.
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Forward-Looking Statements
Certain statements in this communication regarding the Company's future expectations, beliefs, plans or objectives, including statements regarding the timing, nature and value of shares to be repurchased under the Company's repurchase program, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'believe', 'expect', 'anticipate', 'intend', 'aim', 'should' and similar expressions are intended to identify such forward-looking statements. All such forward-looking statements involve estimates and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in the forward-looking statements. Numerous risks, uncertainties and other factors could cause Vista Outdoor's actual results to differ materially from expectations described in such forward-looking statements, including the following: general economic and business conditions in the U.S. and Vista Outdoor's other markets, including conditions affecting employment levels, consumer confidence and spending; Vista Outdoor's ability to attract and retain key personnel and maintain and grow its relationships with customers, suppliers and other business partners, including Vista Outdoor's ability to obtain acceptable third party licenses; Vista Outdoor's ability to adapt its products to changes in technology, the marketplace and customer preferences; Vista Outdoor's ability to maintain and enhance brand recognition and reputation; reductions, unexpected changes in or our inability to accurately forecast demand for ammunition, firearms or accessories or other outdoor sports and recreation products; risks associated with Vista Outdoor's sales to significant retail customers, including unexpected cancellations, delays and other changes to purchase orders; supplier capacity constraints, production disruptions or quality or price issues affecting Vista Outdoor's operating costs; Vista Outdoor's competitive environment; risks associated with compliance and diversification into international and commercial markets; the supply, availability and costs of raw materials and components; increases in commodity, energy and production costs; changes in laws, rules and regulations relating to Vista Outdoor's business, such as federal and state firearms and ammunition regulations; Vista Outdoor's ability to execute its long-term growth strategy, including our ability to complete and realize expected benefits from acquisitions and integrate acquired businesses; Vista Outdoor's ability to take advantage of growth opportunities in international and commercial markets; foreign currency exchange rates and fluctuations in those rates; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury and environmental remediation; risks associated with cybersecurity and other industrial and physical security threats; capital market volatility and the availability of financing; changes to accounting standards or policies; and changes in tax rules or pronouncements. For further information on factors that could impact Vista Outdoor, and statements contained herein, please refer to Vista Outdoor's filings with the Securities and Exchange Commission. Vista Outdoor assumes no obligation to update or revise publicly the information in this communication, whether as a result of new information, future events or otherwise, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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