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Havertys Announces New Authorization under Stock Repurchase Program

ATLANTA, May 25, 2016 (GLOBE NEWSWIRE) -- HAVERTYS (NYSE:HVT) and (NYSE:HVT.A) announced that on May 25, 2016 its board of directors approved a new authorization under its stock repurchase program that permits the company to purchase up to $10.0 million of its common stock and Class A common stock.  The company has approximately $0.2 million remaining for purchases under a previously approved authorization.  Shares may be repurchased, at the company’s discretion, from time-to-time in the open market or in privately negotiated transactions.

“The decision of our board of directors to provide additional authorization for stock repurchases is reflective of our strong balance sheet and demonstrates confidence in our ability to generate sufficient cash to make important investments in our business and to return value to our stockholders,”  Clarence Smith, chairman, president and CEO, said. 

Havertys (NYSE:HVT) and (NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 122 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the company’s website havertys.com.

Contact:
Havertys 404-443-2900
Jenny Hill Parker
SVP, finance, secretary and treasurer

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Distribution channels: Furniture & Woodworking