The XO Group, formerly The Knot, announced that its board of directors has authorized a new repurchase program of up to $20 million of the company’s common stock, on top of the $20 million program it announced last summer.
The company, which calls itself “the premier media and technology company devoted to weddings, pregnancy, and everything in between,” also said it had completed the prior program announced in August 2011 to repurchase $20 million of the company’s common stock. Under this program, XO Group repurchased approximately 2.4 million shares of common stock.
The repurchase program may be suspended or discontinued at any time, the company added, and will be funded using the company’s working capital. As of Sept. 30, the company had cash and cash equivalents of approximately $84 million.
“We believe that XO Group’s stock repurchase represents an excellent long-term investment and demonstrates our continued commitment to enhancing shareholder value,” said David Liu, chief executive officer, in a statement.