Build-A-Bear Workshop, Inc. (NYSE: BBW) announced today that its
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. The dividend will be paid on December 27, 2021, to all
stockholders of record as of December 10, 2021. The company is also
pleased to announce the appointment of Narayan Iyengar and Lesli
Rotenberg to its Board of Directors.
“Driven by the recent strong operational results Build-A-Bear
Workshop has delivered thus far in fiscal 2021, as well as its
healthy cash position, we are pleased to be able to provide a
direct return to our stockholders via a special dividend and
believe that the simultaneously announced share repurchase program
shows the continued confidence that the board has in the company’s
future,” said Sharon Price John, President and Chief Executive
Officer of Build-A-Bear Workshop.
Craig Leavitt, Non-Executive Chairman of the Board added, “Our
robust results, strong cash flow and capital structure provide the
flexibility for us to return capital to our stockholders through a
special dividend payment and the initiation of a stock repurchase
program while maintaining the ability to invest for profitable
growth. We are also pleased that Mr. Iyengar and Ms. Rotenberg are
joining our Board of Directors after the completion of a
comprehensive selection process that considered many well qualified
candidates directed by our Nominating and Corporate Governance
Committee.” Mr. Leavitt continued, “Aligned with our strategic
initiatives, Narayan has significant experience in leading
e-commerce growth and digital transformation while Lesli has
extensive knowledge in the areas of marketing, content creation and
entertainment particularly in the children’s space.”
“We are delighted to welcome Mr. Iyengar and Ms. Rotenberg to
our Board of Directors. We believe Narayan and Lesli have the
skills and experience to make an immediate contribution as we
accelerate our long-term strategic initiatives and continue to work
toward the creation of value for our shareholders,” Ms. John
concluded.
Mr. Iyengar served as the Senior Vice President, Digital and
E-Commerce of Albertsons Companies, a leading food and drug
retailer, from 2017 to 2020. He led the digital transformation and
launched various e-commerce and omnichannel offerings, expanded the
loyalty program and enhanced the digital experience. Prior to that,
from 2013 to 2017, he served as Vice President, E‑Commerce and
Digital Analytics of The Walt Disney Company, a multinational
entertainment, and media conglomerate, where he led the growth of
e-commerce channel for Walt Disney’s theme parks, resorts, cruise
lines and guided family adventures. From 2005 to 2013, Mr. Iyengar
was a consultant at McKinsey & Company, a global management
consulting firm, and served global clients on topics related to
business technology and digital transformation. Currently, Mr.
Iyengar is engaged with a number of venture backed companies. He
serves as the Chief Product Officer & General Manager of
FabFitFun, a pioneer in discovery commerce, a member of Board of
Directors of UCM Digital Health, a provider of virtual care and
telemedicine, and an advisor to Hailify, Inc., a last and middle
mile logistics provider for retailers, and to Farmstead, an
e-grocer. He holds a Master of Business Administration, Management
from Columbia University Business School and a Bachelor’s Degree in
Electronics & Communication Engineering from University of
Mysore, India.
Ms. Rotenberg is the former Chief Programming Executive &
General Manager, Children’s Media & Education of the Public
Broadcasting Service (PBS), an American public media organization
and distributor of television and digital content, serving in that
role from February 2016 to June 2021. She was responsible for the
strategic direction of an innovative, dynamic media service to meet
the needs of America’s children, parents, and teachers. While at
PBS, she also served as General Manager, Children’s Programming
from 2005 to 2016 and as Senior Vice President, Marketing &
Communications from 2000 to 2016. Prior to that, Ms. Rotenberg
served for ten years at Discovery Communications, Inc. in a variety
of senior level management positions with strategic
responsibilities for positioning The Discovery Channel, TLC and
Animal Planet media brands to consumers, advertisers, cable
affiliates and promotion partners. She holds a Bachelor of Science
in Journalism from Boston University School of Public
Communication.
Under the stock repurchase program, the Company currently
intends to purchase up to $25 million of its common stock in the
open market, through privately negotiated transactions, or pursuant
to one or more 10b5-1 plans. The primary source of funding for the
program is expected to be cash on hand. The timing and amount of
stock repurchases, if any, will depend on price, market conditions,
applicable regulatory requirements, and other factors. The program
authorizes the Company to repurchase shares through November 30,
2023, does not require the Company to repurchase any specific
number of shares, and may be modified, suspended or terminated at
any time without prior notice. Shares repurchased under the program
will be subsequently retired.
About Build-A-Bear®
Build-A-Bear is a multi-generational global brand focused on its
mission to “add a little more heart to life” appealing to a wide
array of consumer groups who enjoy the personal expression in
making their own “furry friends” to celebrate and commemorate life
moments. Nearly 500 interactive brick-and-mortar retail locations
operated through a variety of formats provide guests of all ages a
hands-on entertaining experience, which often fosters a lasting and
emotional brand connection. The company also offers engaging
e-commerce/digital purchasing experiences on
www.buildabear.com including its online “Bear-Builder” as well
as the new “Bear Builder 3D Workshop”. In addition, extending
its brand power beyond retail, Build-A-Bear Entertainment, a
subsidiary of Build-A-Bear Workshop, Inc., is dedicated to creating
engaging content for kids and adults that fulfills the company’s
mission, while the company also offers products at wholesale and in
non-plush consumer categories via licensing agreements with leading
manufacturers. Build-A-Bear Workshop, Inc. (NYSE: BBW) posted total
revenue of $255.3 million in fiscal 2020. For more information,
visit the Investor Relations section of buildabear.com.
Forward-Looking Statements:
This press release contains certain statements that are, or may
be considered to be, “forward-looking statements” for the purpose
of federal securities laws, including, but not limited to,
statements that reflect our current views with respect to future
events and financial performance. We generally identify these
statements by words or phrases such as “may,” “might,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,”
“predict,” “future,” “potential” or “continue,” the negative or any
derivative of these terms and other comparable terminology. All of
the information concerning our future liquidity, future revenues,
margins and other future financial performance and results,
achievement of operating of financial plans or forecasts for future
periods, sources and availability of credit and liquidity, future
cash flows and cash needs, success and results of strategic
initiatives and other future financial performance or financial
position, as well as our assumptions underlying such information,
constitute forward-looking information.
These statements are based only on our current expectations and
projections about future events. Because these forward-looking
statements involve risks and uncertainties, there are important
factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
by these forward-looking statements, including those factors
discussed under the caption entitled “Risks Related to Our
Business” and “Forward-Looking Statements” in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on April 15, 2021 and other periodic reports filed with the SEC
which are incorporated herein.
All of our forward-looking statements are as of the date of this
Press Release only. In each case, actual results may differ
materially from such forward-looking information. We can give no
assurance that such expectations or forward-looking statements will
prove to be correct. An occurrence of or any material adverse
change in one or more of the risk factors or other risks and
uncertainties referred to in this Press Release or included in our
other public disclosures or our other periodic reports or other
documents or filings filed with or furnished to the SEC could
materially and adversely affect our continuing operations and our
future financial results, cash flows, available credit, prospects
and liquidity. Except as required by law, the Company does not
undertake to publicly update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211130006096/en/
Investors: Voin Todorovic Build-A-Bear Workshop (314) 423-8000
x5221
Media: PR@buildabear.com (314) 423-8000
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