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|Movado Group, Inc. to Initiate Share Repurchase Program|
~ Repurchase Program to Offset Dilution ~
PARAMUS, N.J., Dec. 6 /PRNewswire-FirstCall/ -- Movado Group, Inc.
(NYSE: MOV), today announced a board authorization to repurchase up to one
million shares of the Company's common stock. Shares will be repurchased from
time to time as market conditions warrant either through open market
transactions, block purchases, private transactions or other means. No time
limit has been set for the completion of the program.
The objective of the program is to reduce or eliminate earnings per share
dilution caused by the shares of common stock issued upon the exercise of
stock options and in connection with other equity based compensation plans.
SOURCE Movado Group, Inc.
CONTACT: Investor Relations, Suzanne Rosenberg, Vice President,
Corporate Communications, of Movado Group, Inc., +1-201-267-8000;
Parrish or Stephanie Rich of Financial Dynamics, +1-212-850-5600,
Web site: http://www.movadogroupinc.com
CO: Movado Group, Inc.
ST: New Jersey
IN: REA FAS
-- NYTH031 --
8445 12/06/2007 07:32 EST http://www.prnewswire.com