Select Comfort approves stock
By Furniture Today Staff -- Furniture Today, June 5, 2006
Minneapolis — Airbed maker and retailer Select Comfort's board has approved a 3-for-2 stock split, and has authorized the company to buy back as much as $150 million worth of its shares.
On June 8, shareholders will receive one additional share for every two shares they own as of May 25.
The buyback authorization is effective through 2008. The company said that in the past seven quarters, it has spent $90 million in internally generated cash to repurchase about 4.1 million of its shares at an average price of $21.77.
After adjusting for the split, the company is now forecasting its earnings this year at 91 cents to 95 cents per share.
