Mothers Work Announces Stock Buyback Program
Mothers Work, Inc. announced today that its Board of Directors approved a program to repurchase up to $10 million of the Company's outstanding common stock. Under the program, the Company may repurchase shares from time to time through solicited or unsolicited transactions in the open market or in negotiated or other transactions. The program will be in effect until March 2005.
Rebecca Matthias, President and Chief Operating Officer of Mothers Work, said, "We are pleased that the Board has authorized this share repurchase program. At current market prices, we believe our shares represent an attractive investment opportunity, and our Board believes that an investment in our own business is a very appropriate one."
Mothers Work is the world's largest designer and retailer of maternity apparel, using its custom TrendTrack™ merchandise analysis and planning system as well as its quick response replenishment process to "give the customer what she wants, when she wants it." Mothers Work operates 942 maternity locations, including 794 stores and 148 leased departments, predominantly under the trade names Motherhood Maternity®, A Pea in the Pod®, and Mimi Maternity®, and sells on the web through its maternitymall.com and brand-specific websites.
The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made from time to time by management of the Company, including expected results of operations, involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: changes in consumer spending patterns, raw material price increases, consumer preferences and overall economic conditions, the impact of competition and pricing, availability of suitable store locations, continued availability of capital and financing, ability to hire and develop senior management and sales associates, ability to develop and source merchandise, ability to receive production from foreign sources on a timely basis, and other factors set forth in the Company's periodic filings and registration statements filed with the Securities and Exchange Commission, or in materials incorporated therein by reference.
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SOURCE: Mothers Work, Inc.
CONTACT: Edward M. Krell, Senior Vice President - Chief Financial
Officer of Mothers Work, +1-215-873-2220
Web site: http://www.motherswork.com/
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