Item 8.01 Other Events.
On December 12, 2019, the Board of Directors of Shoe Carnival, Inc. (the
"Company") authorized a new share repurchase program for up to $50 million of
its outstanding common stock, effective January 1, 2020. The purchases under the
new share repurchase program may be made in the open market or through privately
negotiated transactions from time-to-time through December 31, 2020, and in
accordance with applicable laws, rules and regulations. Repurchases may also be
made pursuant to a Rule 10b5-1 plan, which, if adopted by the Company, would
permit shares to be repurchased in accordance with pre-determined criteria when
the Company might otherwise be prohibited from doing so under insider trading
laws or because of self-imposed trading blackout periods. The share repurchase
program may be amended, suspended or discontinued at any time and does not
commit the Company to repurchase shares of its common stock. The actual number
and value of the shares to be purchased will depend on the performance of the
Company's stock price and other market conditions.
The new share repurchase program will replace the existing $50 million share
repurchase program that was authorized on December 13, 2018, which will expire
in accordance with its terms on December 31, 2019. There is currently $19.1
million that remains authorized for repurchases under the existing share
repurchase program. Additional purchases may be made under the existing share
repurchase program prior to its expiration.
In addition, the Company's Board of Directors approved the payment of a
quarterly cash dividend of $0.085 per share to be paid on January 27, 2020, to
shareholders of record as of the close of business on January 13, 2020.
A copy of the press release announcing the new share repurchase program and the
payment of the quarterly cash dividend is attached hereto as Exhibit 99.1 and
the information set forth therein is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
Exhibit No.Exhibits
99.1 Press Release of the Company Dated December 13, 2019
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