Supercuts 2008 Annual Report Download - page 62

As a part of our salon development program, we continue to negotiate and enter into leases and commitments for the acquisition of
equipment and leasehold improvements related to future salon locations, and continue to enter into transactions to acquire established hair care
salons and businesses.
We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured
finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet financial arrangements or
other contractually narrow or limited purposes at June 30, 2008. As such, we are not materially exposed to any financing, liquidity, market or
credit risk that could arise if we had engaged in such relationships.
Financing
Financing activities are discussed under "Liquidity and Capital Resources" in this Item 7 and in Note 4 to the Consolidated Financial
Statements in Part II, Item 8. Derivative activities are discussed in Note 5 to the Consolidated Financial Statements in Part II, Item 8 and Part II,
Item 7A, "Quantitative and Qualitative Disclosures about Market Risk."
Management believes that cash generated from operations and amounts available under existing debt facilities will be sufficient to fund its
anticipated capital expenditures, acquisitions and required debt repayments for the foreseeable future. As of June 30, 2008, we have available an
unused committed line of credit amount of $179.2 million under our existing revolving credit facility.
Dividends
We paid dividends of $0.16 per share during fiscal years 2008, 2007 and 2006. On August 25, 2008, the Board of Directors of the Company
declared a $0.04 per share quarterly dividend payable September 17, 2008 to shareholders of record on September 3, 2008.
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.
SAFE HARBOR PROVISIONS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This annual report, as well as information included in, or incorporated by reference from, future filings by the Company with the Securities
and Exchange Commission and information contained in written material, press releases and oral statements issued by or on behalf of the
Company contains or may contain "forward-looking statements" within the meaning of the federal securities laws, including statements
concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document reflect
management's best judgment at the time they are made, but all such statements are subject to numerous risks and
60