Hastings Has Buyback Program

-- Publishers Weekly, 12/8/2008 12:36:00 PM

With its stock trading near historic lows, Hastings Entertainment has announced a $5 million stock repurchase program. The authorization, approved by the board today, is in addition to the current buyback program that has $1.4 million remaining on a $22.5 million authorization. Hastings’s stock opened at $1.68 per share Monday morning and closed at $1.66: its 52-week high is $10.00. “We believe that our stock price certainly does not reflect the value of our company, and we are using the program to provide our shareholders additional opportunities to realize investment returns,” chairman John Marmaduke said.

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