Vail Resorts buying back stock
VAIL, Colorado ” Vail Resorts will buy back 3 million shares of its stock, the company said Wednesday.
The shares will be held as treasury stock, available for re-issuance under the company’s employee stock plans.
“Acquisitions under the share repurchase program will be made from time to time at prevailing prices as permitted by applicable laws, and subject to market conditions and other factors,” the company said in a press release.
The company now has 38.4 million shares of outstanding stock.
Since June 5, the company has repurchased 1.2 million shares at an average price of $39.40 under a previously approved program.
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“Our board took this action based upon our company’s continued strong financial condition, and it reflects the board’s confidence in Vail Resorts’ growth potential,” said CEO Rob Katz.
Vail Resorts, trading as MTN on the New York Stock Exchange, closed at $37.15 on Thursday, up $1.38. The stock price has rebounded from earlier in the week, when it dipped as low as $30.11.
Staff Writer Edward Stoner can be reached at 748-2929 or email@example.com.