ANN TAYLOR ANNOUNCES $50 MILLION INCREASE
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IN ITS SECURITIES BUY-BACK PROGRAM
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FOR IMMEDIATE RELEASE
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New York, New York, January 10, 2000 - AnnTaylor Stores Corporation (NYSE:
ANN) announced today that its Board of Directors has authorized a $50 million
increase in the Company's securities repurchase program that was announced in
September 1999, raising the total amount of securities that may be purchased
under this program to $90 million. Pursuant to this program, the Company may
make purchases of shares of its Common Stock and/or its Convertible Debentures
due 2019, from time to time, subject to market conditions and at prevailing
market prices, through open market purchases or in privately negotiated
transactions. Purchases under the expanded program may be made through June 30,
2000.
Repurchased shares of Common Stock will become treasury shares and may be
used for general corporate and other purposes. Repurchased Debentures will be
canceled.
Ann Taylor Chairman and Chief Executive Officer J. Patrick Spainhour said,
"Ann Taylor's strong financial condition and cash flow will allow us to continue
to take advantage of opportunities to purchase our securities at attractive
prices. We believe that, given current market conditions, purchasing our
securities represents an attractive investment and will enhance shareholder
value. "
In September 1999, the Company announced a $40 million securities
repurchase program. In October and November 1999, the Company acquired 1,032,500
shares of its Common Stock for an aggregate purchase price of $39.9 million
pursuant to this program. No Convertible Debentures were purchased under the
program.
Ann Taylor is one of the country's leading women's specialty retailers,
operating 405 stores in 42 states, the District of Columbia and Puerto Rico.
This press release contains various forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, with respect to
the financial condition, results of operations and business of the Company.
Examples of forward-looking statements are statements that use the words
"expect", "anticipate", "plan", "intend", "believe" and similar expressions.
These forward-looking statements involve certain risks and uncertainties, and no
assurance can be given that any of such matters will be realized. Actual results
may differ materially from those contemplated by such forward-looking statements
as a result of, among other things, changes in market conditions, general
economic conditions that are less favorable than expected or a downturn in the
retail industry; failure by the Company to predict accurately customer fashion
preferences; competitive influences; and other factors described in Company
filings with the Securities and Exchange Commission. The Company does not assume
any obligation to revise any forward-looking statements at any time for any
reason, even if experience or future events or changes make it clear that any
projected financial or operating results implied by such forward-looking
statements will not be realized.
Contact: Investor Relations: Media Relations:
Barry Erdos Jill Golden
EVP - Chief Financial Vice President -
Officer Communications
(212) 541-3318 (212) 541-3269
Christa H. Moses
Director, Investor
Relations
(212) 541-3484