Build-A-Bear Workshop 2014 Annual Report Download - page 27

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY,
RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange (NYSE)
under the symbol “BBW.” Our common stock commenced trading on
the NYSE on October 28, 2004. The following table sets forth the high
and low sale prices of our common stock for the periods indicated.
As of March 13, 2015, the number of holders of record of the
Company’s common stock totaled approximately 2,883.
Performance Graph
The following performance graph compares the 60-month
cumulative total stockholder return of our common stock, with the
cumulative total return on the Russell 2000® Index and an SEC-
defined peer group of companies identified as SIC Code 5600-5699
(the “Peer Group”). The Peer Group consists of companies whose
primary business is the operation of apparel and accessory retail
stores. Build-A-Bear Workshop is not strictly a merchandise retailer
and there is a strong interactive, entertainment component to our
business which dierentiates us from retailers in the Peer Group.
However, in the absence of any other readily identifiable peer group,
we believe the use of the Peer Group is appropriate.
The performance graph starts on January 2, 2010 and ends on
January 2, 2015, the last trading day prior to January 3, 2015, the
end of our fiscal 2014. The graph assumes that $100 was invested on
January 4, 2010 in each of our common stock, the Russell 2000 Index
and the Peer Group, and that all dividends were reinvested.
These indices are included only for comparative purposes as
required by SEC rules and do not necessarily reflect management’s
opinion that such indices are an appropriate measure of the relative
performance of our common stock. They are not intended to forecast
the possible future performance of our common stock.
Period
(a)
Total Number of Shares
(or Units) Purchased (1)
(b)
Average Price Paid Per Share
(or Unit)
(c)
Total Number of Shares
(or Units) Purchased as Part
of Publicly Announced
Plans or Programs (2)
(d)
Maximum Number
(or Approximate
Dollar Value) of Shares (or
Units) that May Yet
Be Purchased Under the
Plans or Programs (2)
Sep. 28, 2014 – Oct. 25, 2014 11,875 $ 12.23 11,875 $3,782,779
Oct. 26, 2014 – Nov. 22, 2014 - $ - - $ 3,782,779
Nov. 23, 2014 – Jan. 3, 2015 705 $19.89 - $ 3,782,779
Total 12,580 $ 12.66 11,875 $
(1) Includes shares of our common stock delivered to us in satisfaction of the tax withholding obligation of holders of restricted shares which vested during the quarter. Our
equity incentive plans provide that the value of shares delivered to us to pay the withholding tax obligations is calculated at the closing trading price of our common stock
on the date the relevant transaction occurs.
(2) On February 25, 2015, we announced the termination of the share repurchase program that was adopted in 2008 and adopted a new repurchase program (the “2015
Share Repurchase Program”) which authorizes us to repurchase up to $10 million of our common stock until March 31, 2016, subject to further extension by the Board. Under
the 2015 Share Repurchase Program, we currently intend to purchase up to $10 million of our common stock in the open market (including through 10b5-1 trading plans),
through privately negotiated transactions, or through an accelerated repurchase transaction. The primary source of funding is expected to be cash on hand. The timing
and amount of share repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The program does not require the
Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. Shares repurchased under the
program will be subsequently retired. As of March 13, 2015, we had approximately $9.0 million of availability under the program.
Fiscal 2014 Fiscal 2013
High Low High Low
First Quarter $ 9.49 $ 7.30 $ 5.49 $ 3.70
Second Quarter $ 15.43 $ 9.34 $ 7.10 $4.90
Third Quarter $ 14.53 $ 10.07 $ 7.39 $ 6.07
Fourth Quarter $ 21.22 $ 12.17 $ 10.35 $ 6.97
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0 1/2/10 1/1/11 12/31/11 12/29/12 12/28/13 1/3/15
100.00 156.24 173.01 79.96 158.28 390.80
100.00 128.92 146.37 174.42 223.27 242.14
100.00 126.86 121.56 138.56 195.89 204.94
Build-A-Bear Workshop, Inc
Russell 2000
SIC Codes 5600-5699
* $100 invested on January 2, 2010 in stock or index, including reinvestment
of dividends.
Issuer Purchase of Equity Securities
BUILD-A-BEAR WORKSHOP, INC. 2014 ANNUAL REPORT 15