XO Group, formerly The Knot, announced Aug. 10 that its
board of directors authorized the repurchase of up to $20 million of the
company’s common stock from time to time on the open market or in privately
The group also announced it had completed the program
announced in February 2010 to repurchase $50 million of the company’s common
“We continue to believe that XO Group’s repurchase of our
shares represents an excellent long-term investment and that this action to
adopt a new stock repurchase program demonstrates our commitment to enhancing
shareholder value,” said David Liu, CEO, in a statement.
The company’s management will determine the timing and
amount of any shares repurchased based on its evaluation of market conditions
and other factors.
The repurchase program will be funded using the company’s
working capital. As of June 30, XO Group had cash and cash equivalents of
approximately $94.7 million and approximately 30.6 million shares of common
Under the prior program, the group repurchased 3,671,526
shares of common stock for approximately $37.7 million in a privately negotiated
transaction with Macy’s, in February, and 1,260,300 shares of common stock for
approximately $12.3 million on the open market between May and August.