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Winston-Salem, N.C. -- Krispy Kreme Doughnuts said its board has approved the repurchase of up to $50 million of the company's common stock, effective immediately.
The company also announced that it has refinanced its secured credit facilities and retired in full the $22 million outstanding balance of its term loan.
The $50 million share repurchase program, according to Krispy Kreme, will be implemented through purchases made in either open market or private transactions. As of July 12, the company had approximately 66 million shares outstanding.
"Having completed a $20 million share repurchase program last year, we view this $50 million additional repurchase authorization as a further indication of Krispy Kreme's financial strength, our outstanding free cash flow generation, and our positive outlook for the future," said James H. Morgan, president and CEO. “The repurchase authorization announced today reflects our desire to further enhance shareholder returns when our cash flow generation is excess to our current needs and when doing so is in the best interests of our shareholders."