Contact Information: Contact: Frank Elsenbast CFO 952-943-6516 Anthony Giombetti 763-496-1915
ShopNBC Board Authorizes $10 Million for Stock Repurchase
| Source: ShopNBC
MINNEAPOLIS, MN--(Marketwire - March 6, 2008) - ShopNBC (NASDAQ : VVTV ) today announced its
Board of Directors has authorized $10 million in additional funds for use
in the Company's stock repurchase program.
This amount is in addition to the $35 million previously authorized and
spent on stock repurchases since 2006. The Company has repurchased 4.6
million shares at an average price of $7.64 per share. These repurchases
represent 12% of the Company's outstanding common shares.
The program permits ShopNBC to buy back up to $10 million of common stock
over the next 12 months. The timing and amount of any repurchase will be
determined by Company management based on its evaluation of market
conditions and other factors. The buyback will be funded through existing
cash balances.
"This buyback program reflects the Board's confidence in our newly
appointed CEO Rene Aiu and its optimism in the long-term future of the
Company," said John Buck, ShopNBC's Executive Chairman of the Board. "At
recent trading levels, we feel the stock is undervalued and represents an
excellent investment opportunity for the Company, demonstrating our
commitment to increasing shareholder value."
About ShopNBC
ShopNBC reaches 70 million homes in the United States via cable affiliates
and satellite: Dish Network channel 228 and Direct TV channel 316.
ShopNBC.com is recognized as a top e-commerce site. ShopNBC is owned and
operated by ValueVision Media (NASDAQ : VVTV ). For more information, please
visit www.ShopNBC.com.
Forward-Looking Information
This release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are
accordingly subject to uncertainty and changes in circumstances. Actual
results may vary materially from the expectations contained herein due to
various important factors, including (but not limited to): consumer
spending and debt levels; interest rates; competitive pressures on sales,
pricing and gross profit margins; the level of cable distribution for the
Company's programming and the fees associated therewith; the success of the
Company's e-commerce and rebranding initiatives; the performance of its
equity investments; the success of its strategic alliances and
relationships; the ability of the Company to manage its operating expenses
successfully; risks associated with acquisitions; changes in governmental
or regulatory requirements; litigation or governmental proceedings
affecting the Company's operations; and the ability of the Company to
obtain and retain key executives and employees. More detailed information
about those factors is set forth in the Company's filings with the
Securities and Exchange Commission, including the Company's annual report
on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form
8-K. The Company is under no obligation (and expressly disclaims any such
obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.