HUNTINGTON BEACH, Calif.–Feb. 22, 2000–Robert B. McKnight Jr., chairman of the board and chief executive officer of Quiksilver Inc. (NYSE:ZQK), today announced that the Company’s Board of Directors had authorized the Company to repurchase up to 2 million shares of Quiksilver’s Common Stock over the next 12 months. Share repurchases will be funded from existing cash, internally generated funds or through debt. Any shares repurchased initially will be held as treasury shares and may be used in connection with the Company’s stock option program and for other general corporate purposes, including acquisitions. The Company currently has approximately 22,401,000 shares of Common Stock outstanding.
Mr. McKnight stated, “We continue to be very optimistic about Quiksilver’s future, and the Board of Directors believes that the Company’s stock is currently undervalued and that a stock repurchase program will serve to enhance shareholder value.”
Quiksilver Inc. designs, produces and distributes clothing, accessories and related products for active-minded people and develops brands that represent a casual lifestyle — driven from a boardriding heritage. Quiksilver’s authenticity is evident in its innovative products, events and retail environments across the globe.
Quiksilver’s primary focus is apparel for young men and young women under the Quiksilver, Quiksilver Roxy, Raisins and Radio Fiji labels. Quiksilver also manufactures apparel for boys (Quiksilver Boys), girls (Teenie Wahine and Raisins Girls), men (QS Silver Edition) and women (Leilani), as well as snowboards, snowboard boots and bindings under the Lib Technologies, Gnu and Bent Metal labels. Distribution is primarily in the United States and Europe and is based in surf shops and specialty stores that endeavor to provide an outstanding retail experience for their customers.