GRAPEVINE, Texas, Feb 04, 2011 (BUSINESS WIRE) --
GameStop Corp. (NYSE:GME), the world's largest multi-channel video game
retailer, today announced that its Board of Directors has authorized
$500 million in additional funds for its share and debt repurchase
program. This authorization replaces the $300 million plan announced in
September 2010, under which, as of today, $138.4 million remained
available for use. The funds will be used over the next 18 months to
repurchase the company's stock and/or Senior Notes.
Dan DeMatteo, Executive Chairman, stated, "This Board authorization
emphasizes GameStop's ongoing commitment to increase total shareholder
return and supports the company's goal to increase return on invested
capital (ROIC), while maintaining the liquidity to execute our business
strategy."
Under the program, GameStop may purchase shares or debt through open
market purchases, debt calls or privately negotiated transactions in
compliance with SEC regulations and other legal requirements. The timing
and actual amount of shares or debt repurchased will depend on several
factors, including price, capital availability and other market
conditions. This repurchase program does not have any specific
limitations and may be suspended or terminated at any time.
About GameStop
GameStop Corp. (NYSE:GME), a Fortune 500 and S&P 500 company
headquartered in Grapevine, Texas, is the world's largest multi-channel
video game retailer. GameStop's retail network and family of brands
include 6,606 company-operated stores in 17 countries worldwide, www.Kongregate.com,
a leading browser-based game site with more than 10 million monthly
unique visitors, and Game Informer(R) magazine, the leading
multi-platform video game publication. The company also sells video
games and related merchandise at www.GameStop.com.
General information on GameStop Corp. can be obtained at the company's
corporate website.
Safe Harbor
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements may include, but are not limited to, the outlook for fiscal
2010 and fiscal 2011, future financial and operating results, projected
store openings, the company's plans, objectives, expectations and
intentions, and other statements that are not historical facts. Such
statements are based upon the current beliefs and expectations of
GameStop's management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in the
forward-looking statements. GameStop undertakes no obligation to
publicly update or revise any forward-looking statements. The following
factors, among others, could cause actual results to differ from those
set forth in the forward-looking statements: the inability to obtain
sufficient quantities of product to meet consumer demand, including
console hardware; the timing of release of video game titles for next
generation consoles; the risks associated with expanded international
operations and the integration of acquisitions; the impact of increased
competition and changing technology, including alternative methods of
distribution, in the video game industry; and economic, regulatory and
other events, including litigation, that could reduce or impact consumer
demand or affect the company's business. Additional factors that could
cause GameStop's results to differ materially from those described in
the forward-looking statements can be found in GameStop's Annual Report
on Form 10-K for the fiscal year ended January 30, 2010, filed with the
SEC and available at the SEC's Internet site at http://www.sec.gov
or http://investor.gamestop.com.
SOURCE: GameStop Corp.
GameStop Corp.
Media Contact:
Chris Olivera, 817-424-2130
Vice President, Corporate Communications
or
Investor Contact:
Matt Hodges, 817-424-2130
Divisional VP, Investor Relations
