Classmates.com 2004 Annual Report Download - page 97

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Common Stock Repurchase Program
The Company's Board of Directors authorized a common stock repurchase program that allows the Company to repurchase shares of its
common stock through open market or privately negotiated transactions based on prevailing market conditions and other factors. From time to
time, the Board of Directors has increased the amount authorized for repurchase under this program. On April 22, 2004, the Board of Directors
authorized the Company to purchase up to an additional $100 million of its common stock through May 31, 2005 under the program, bringing
the total amount authorized under the program to $200 million. At December 31, 2004, the Company had repurchased $125 million of its
common stock under the program.
Share repurchases executed under the common stock repurchase program at December 31, 2004 were as follows (in thousands, except per
share amounts):
(1)
Period
Shares
Repurchased(1)
Average Price
Paid per Share
Maximum
Approximate
Dollar Value that
May
Yet be Purchased
Under the Program
August 2001
138
$
1.67
$
9,770
November 2001
469
1.77
8,940
February 2002
727
3.38
6,485
August 2002
288
7.51
27,820
February 2003
193
9.43
26,005
May 2003
281
13.51
22,207
November 2003
2,024
19.76
48,706
February 2004
2,887
16.86
—
May 2004
—
—
100,000
August 2004
2,657
9.41
74,989
Total
9,664
$
12.94
All shares were repurchased as part of a publicly announced program.
In February 2005, the Company repurchased 1.3 million shares of its common stock for approximately $14.2 million.
Tender Offer
In November 2004, the Company commenced a modified Dutch auction tender offer to repurchase up to 14.3 million shares of its common
stock at a price ranging from $9.00 to $10.50 per share. The tender offer expired in December 2004, and the Company repurchased 37,754
shares at $10.50 per share, excluding fees and expenses.
F-28