Coach, Inc. (ticker: COH, exchange: New York Stock Exchange (.N))
News Release -
Coach Increases Share Repurchase Program; Company Cites Strong Cash Flow
NEW YORK--(BUSINESS WIRE)--Jan. 30, 2003--Coach, Inc. (NYSE: COH),
a leading marketer of modern classic American accessories, today
announced that its Board of Directors has approved an additional
common stock repurchase program to acquire up to $100 million of
Coach's outstanding common stock during the next three years.
Pursuant to this program, the company may repurchase shares of its
common stock from time to time, subject to market conditions and at
prevailing market prices, through open market purchases as determined
by senior management of the company. Repurchased shares of common
stock will become authorized but unissued shares, and may be reissued
in the future for general corporate or other purposes. The company may
terminate or limit the stock repurchase program at any time.
Coach launched its initial $80 million stock repurchase program in
September 2001. The company has since acquired a total of 2,789,000
shares of its outstanding common stock at a cost of approximately $60
million under this program. Approximately $20 million remains
available to repurchase shares under this original program. Coach's
new repurchase program both increases this amount by $100 million and
extends the duration of the plan through January 30, 2006.
Lew Frankfort, Chairman and Chief Executive Officer of Coach,
Inc., said, "The new stock repurchase program, like our original
program, is designed to increase economic value for shareholders. It
reflects our confidence that Coach's strong financial condition and
cash flow will continue to allow us to take advantage of opportunities
to purchase our securities at attractive prices and accelerate our
investment in our company's growth."
The Company noted that Mr. Frankfort has previously established a
plan pursuant to Rule 10b5-1 of the Securities Exchange Act to sell
some of his Coach common shares on pre-determined dates during the
four-week period following Coach's regular quarterly earnings
announcements, which could occur at the same time as Coach's
Coach, with headquarters in New York, is a leading American
marketer of fine accessories and gifts for women and men, including
handbags, women's and men's small leathergoods, business cases,
weekend and travel accessories, footwear, watches, outerwear, jewelry,
sunwear, furniture and related accessories. Coach is sold worldwide
through Coach stores, select department stores and specialty stores,
through the Coach catalogue in the U.S. by calling 1-800-223-8647 and
through Coach's website at www.coach.com. Coach's shares are traded on
The New York Stock Exchange under the symbol COH.
This press release contains forward-looking statements based on
management's current expectations. These statements can be identified
by the use of forward-looking terminology such as "may," "will,"
"should," "expect," "intend," "estimate," "are positioned to,"
"continue," "project," "guidance," "forecast," "anticipated," or
comparable terms. Future results may differ materially from
management's current expectations, based upon risks and uncertainties
such as expected economic trends, the ability to anticipate consumer
preferences, the ability to control costs, etc. Please refer to
Coach's latest Annual Report on Form 10-K for a complete list of risk
Analysts & Media:
Andrea Shaw Resnick
VP Investor Relations
cell 646-824-9508 or 212-614-4619