RICHARDSON, Texas, Dec. 5, 2012 (GLOBE NEWSWIRE) -- Fossil, Inc. (Nasdaq:FOSL) (the "Company") today announced that its Board of Directors has approved a new stock repurchase program. Under the new program, the Company is authorized to repurchase up to $1.0 billion of its outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. The authorization expires on December 31, 2016 and repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time. In August 2010, the Company announced a $750 million share repurchase program (the "$750 Million Program"). As of December 4, 2012, the Company had repurchased 9,031,066 shares at a cost of approximately $693,117,783 under the $750 Million Program. The Company expects to complete the $750 Million Program in the Company's 2013 first fiscal quarter.
"We are pleased to announce the continuation of our share repurchase program. We believe this ongoing program supports our strategy of rewarding stockholders while allowing us the operational flexibility to invest appropriately in our global business," said Kosta Kartsotis, Chief Executive Officer. "We believe utilizing our strong balance sheet and future cash flows will be sufficient to fund this program as well as future investments to support the Company's long-term growth objectives."
As of November 2, 2012, Fossil had approximately 60,021,257 shares of common stock outstanding.
Certain statements contained herein that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: changes in economic trends and financial performance, changes in consumer demands, tastes and fashion trends, lower levels of consumer spending resulting from a general economic downturn, shifts in market demand resulting in inventory risks, changes in foreign currency exchange rates, and the outcome of current and possible future litigation, as well as the risks and uncertainties set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its Quarterly Reports on Form 10‑Q filed with the Securities and Exchange Commission (the "SEC").
Fossil is a global design, marketing and distribution company that specializes in consumer fashion accessories. The Company's principal offerings include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, soft accessories, shoes and clothing. In the watch and jewelry product categories, the Company's offerings include a diverse portfolio of globally recognized proprietary and licensed brand names under which its products are marketed. The Company's extensive range of accessory products, brands, distribution channels and price points allows it to target style-conscious consumers across a wide age spectrum on a global basis. The Company's products are sold to department stores, specialty retail stores and specialty watch and jewelry stores in the U.S. and in approximately 120 countries worldwide through 23 Company-owned foreign sales subsidiaries and a network of over 60 independent distributors. The Company also distributes its products in over 400 Company-owned and operated retail stores and through international e-commerce websites and the Company's U.S. e-commerce website at www.fossil.com, where certain product, press release and SEC filing information concerning the Company are also available.
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CONTACT: Mike Kovar Chief Financial Officer Fossil, Inc. (972) 699-6811 Investor Relations: Allison Malkin ICR, Inc. (203) 682-8225