Build-A-Bear Workshop Raises Annual Guidance; Authorizes Stock Buyback Program

(RTTNews) - Build-A-Bear Workshop, Inc. (BBW) said it believes the company's business performance has it positioned to exceed the expectations it previously issued with second quarter earnings. Total revenues in fiscal 2021 is now estimated to be in the range of $390 to $400 million which represents an increase from its previous guidance of a range of $375 to $385 million. EBITDA is now expected to be in the range of $55 million to $60 million, an increase from previous expectation for EBITDA in the range of $45 to $50 million.

The company's Board of Directors has declared a special cash dividend of $1.25 per share and authorized a share repurchase program of up to $25 million effective through November 30, 2023. The dividend will be paid on December 27, 2021, to all stockholders of record as of December 10, 2021.

Third quarter adjusted net income was $6.1 million, or $0.38 per share, compared to adjusted net income of $1.7 million, or $0.11 per share, prior year.

Net income was $5.9 million, or $0.36 per share, compared to net income of $1.7 million, or $0.11 per share, prior year. Total revenues were $95.1 million, an increase of 27.4% from $74.7 million, last year.