New $3 Billion Share Repurchase Program
June 19, 2006
Beaverton, OR (19 June, 2006) – NIKE, Inc. (NYSE:NKE) announced today that its Board of Directors has approved a new four-year, $3 billion share repurchase program. The Company also announced that within a few weeks it expects to complete its previous four-year, $1.5 billion share repurchase program, which was approved by the Board of Directors in June 2004.
Nike, Inc. Chairman Philip H. Knight said, “The completion of our previous $1.5 billion program two years ahead of schedule is a testament to our confidence in the long-term growth prospects for our company. By doubling the size of the new authorization to $3 billion, we are confident in the strength of our cash flow.”*
Mark Parker, Nike, Inc. Chief Executive Officer, said, “The excellent performance of our business continues to allow us to invest in our future growth and to maximize value for our shareholders. We are very pleased that over the five fiscal year period ending May 31, 2006, Nike, Inc. returned $2.2 billion in value to shareholders through the repurchase of 31.1 million shares.”*
About NIKE, Inc. NIKE, Inc. based near Beaverton, Oregon is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly owned Nike subsidiaries include Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; NIKE Bauer Hockey Inc., a leading designer and distributor of hockey equipment; Cole Haan, a leading designer and marketer of luxury shoes, handbags, accessories and coats; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories and Exeter Brands Group LLC, which designs and markets athletic footwear and apparel for the value retail channel.
NIKE’s earnings releases and other financial information are available on the Internet at invest.nike.com.
* The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the S.E.C., including Forms 8-K, 10-Q, and 10-K.