Supercuts 2008 Annual Report Download - page 113

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
10. SHAREHOLDERS' EQUITY (Continued)
tender offer or exchange offer to acquire an interest of 15.0 percent or more. If the rights become exercisable, they entitle all holders, except the
takeover bidder, to purchase one one-thousandth of a share of preferred stock at an exercise price of $140, subject to adjustment, or in lieu of
purchasing the preferred stock, to purchase for the same exercise price common stock of the Company (or in certain cases common stock of an
acquiring company) having a market value of twice the exercise price of a right.
Share Repurchase Program:
In May 2000, the Company's Board of Directors (BOD) approved a stock repurchase program. Originally, the program authorized up to
$50.0 million to be expended for the repurchase of the Company's stock. The BOD elected to increase this maximum to $100.0 million in August
2003, to $200.0 million on May 3, 2005, and to $300.0 million on April 26, 2007. The timing and amounts of any repurchases will depend on
many factors, including the market price of the common stock and overall market conditions. Historically, the repurchases to date have been
made primarily to eliminate the dilutive effect of shares issued in conjunction with acquisitions, restricted stock grants and stock option
exercises. All repurchased shares become authorized but unissued shares of the Company. This repurchase program has no stated expiration
date. As of June 30, 2008, 2007, and 2006, a total accumulated 6.8, 5.1, and 3.0 million shares have been repurchased for $226.5, $176.5, and
$96.8 million, respectively. As of June 30, 2008, $73.5 million remains to be spent on share repurchases under this program.
11. SEGMENT INFORMATION
As of June 30, 2008, the Company owned, franchised or held ownership interests in over 13,550 worldwide locations. The Company's
locations consisted of 10,273 North American salons (located in the United States, Canada and Puerto Rico), 472 international salons, 92 hair
restoration centers, and 2,714 locations in which the Company maintains an ownership interest through its investments in affiliates.
The Company operates its North American salon operations through six primary concepts: Regis Salons, MasterCuts, Trade Secret,
SmartStyle and Supercuts and Promenade salons. The concepts offer similar products and services, concentrate on the mass market consumer
marketplace and have consistent distribution channels. All of the company-owned and franchise salons within the North American salon
concepts are located in high traffic, retail shopping locations that attract mass market consumers, and the individual salons display similar long-
term economic characteristics. The salons share interdependencies and a common support base. The Company's hair restoration centers are
located in the United States and Canada.
The Company operates its international salon operations, primarily in the United Kingdom, through four primary concepts: Regis,
Supercuts, Trade Secret, and Sassoon salons. Consistent with the North American concepts, the international concepts offer similar products and
services, concentrate on the mass market consumer marketplace and have consistent distribution channels. All of the international salon concepts
are company-owned and are located in malls, leading department stores, mass market consumers, and the individual salons display similar long-
term economic characteristics. The salons share interdependencies and a common support base.
The Company's hair restoration centers are located in the United States and Canada.
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