Build-A-Bear Buying Back Shares

(RTTNews) - Build-A-Bear Workshop, Inc. (BBW) said its board of directors has completed its previously announced review of strategic alternatives and authorized a share repurchase program of up to $20 million.

Under the share repurchase program, Build-A-Bear Workshop currently intends to purchase the shares of its common stock in the open market, or through privately negotiated transactions.

The company expects the primary source of funding for the program to be cash on hand. The program authorizes the company to repurchase shares through September 30, 2020.

Sharon Price John, president and chief executive officer of Build-A-Bear Workshop said, "Because our company has returned to sustained profitability and has strong cash flow and a flexible capital structure, we believe Build-A-Bear Workshop will have the capacity to repurchase our stock while still deploying capital to facilitate the attainment of our next stated objective of sustained profitable growth."

John added that although the company has completed its formal review of strategic alternatives, it will continue to prioritize the initiatives required to achieve its long-term business goals.

For the recent second quarter, Build-A-Bear Workshop reported a net loss that narrowed to $1.5 million or $0.10 per share from $4.3 million or $0.28 per share in the year-ago period. Total revenues for the quarter rose 2.8 percent to $77.2 million.

Build-A-Bear Workshop has approximately 400 stores worldwide where children and adults can create customizable toy bears. This includes company-owned stores in the U.S., Canada, Denmark, Ireland, Puerto Rico, the UK and China, and franchise stores in Africa, Asia, Australia, Europe, Mexico and the Middle East.