|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;
or Leigh Parrish or Stephanie Rich of Financial Dynamics, +1-212-850-5600,
for Movado Group, Inc.
Web site: http://www.movadogroupinc.com
(MOV) CO: Movado Group, Inc. ST: New Jersey IN: REA FAS SU: IF-AP -- NYTH031 -- 8445 12/06/2007 07:32 EST http://www.prnewswire.com
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Movado Group Inc's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|