Journal Communications Inc. announced that its board of directors has authorized a share repurchase program of up to $45 million of its outstanding class A common stock and/or class B common stock until the end of fiscal 2013.
Under the program, shares may be repurchased from time to time in the open market and/or in private transactions and will depend on market conditions, share price, trading volume, credit agreement covenants and other factors.
As of June 30, 2011, there were 44.7 million shares of class A and 7.3 million shares of class B common stock outstanding.
"While debt reduction remains our primary use of cash, this share repurchase authorization provides us with the flexibility both to offset the dilutive impact of employee incentive compensation plans and to repurchase shares opportunistically," said Andre Fernandez, executive vice president and chief financial officer of the Milwaukee-based parent company of the Milwaukee Journal Sentinel.
