This excerpt taken from the DRJ 8-K filed Feb 8, 2008.
Board Approves up to $1,000,000
PLANTATION, FL. February 8, 2008. Dreams, Inc. (AMEX:DRJ), a vertically integrated leader in the licensed sports products industry, today announced that its Board of Directors has authorized the repurchase of up to $1,000,000 of the Companys common stock as and when market prices make repurchases advantageous.
The repurchase program is effective immediately and will allow the Company to repurchase its shares in accordance with the requirements of the Securities and Exchange Commission on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors. Purchases may be commenced, suspended, or discontinued at any time.
The repurchase program will be funded using the Companys working capital. As of February 7, 2008, Dreams, Inc. has approximately 37,500,000 shares of common stock outstanding. Consequently, the Company will retire all shares that it purchases to authorized and un-issued stock, increasing the percentage ownership of all existing shareholders.
We regularly analyze various companies valuations to determine whether or not they are appealing acquisition targets for Dreams. We strongly believe that at the current market valuations of our own firm, Dreams, Inc. stock becomes our wisest investment. This has been our motivation in seeking Board approval for this plan, said Ross Tannenbaum, Dreams President & CEO.
While we compete for the attention of the investment community with thousands of publicly traded companies, we are confident that the substantial growth this Company has achieved-averaging 38% growth a year for the past four years and generating profits on an annual basis for the last three-will resonate with investors and be reflected in our stocks value, concluded Tannenbaum.