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Hartmarx Corp. Message Board

  • insider117 insider117 Oct 19, 2007 10:04 AM Flag

    HMX does not have the cash to fund Buyback

    The Company still hasn't been able to make good on its intention to buyback 2 million shares from October 2005 and now authorizes another 3 million buyback committment! Where is the money going to come from to fund this crazy scheme?

    Hartmarx Authorizes 3M Share Buyback
    Thursday October 18, 5:47 pm ET
    Hartmarx Authorizes Buyback of 3 Million Shares

    CHICAGO (AP) -- Hartmarx Corp., a maker of casual and golf apparel, said Thursday its board of directors authorized a new share repurchase program to buy back up to 3 million of its shares.
    The company said the new program is in addition to the previous buyback authorization for 2 million shares approved in October 2005. The company has about 58,000 shares remaining under that authorization.

    Hartmarx had about 36.7 million shares outstanding as of Sept. 30.

    Hartmarx shares fell 8 cents to close at $5.20.

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