Texas-based entertainment and dining venue operator Dave & Buster's Entertainment Inc. said Sept. 14 that its share repurchase program will be extended through the end of fiscal 2020, and it will also launch dividend payments to shareholders.
The company's board confirmed those moves on Sept. 11, in addition to increasing the share repurchase authorization by $100 million. That brings the total amount allocated for buybacks to $400 million.
Dave & Buster's has repurchased 4.8 million shares under its buyback program as of Sept. 11, for a total consideration of $253.1 million. In the second quarter, it repurchased 729,000 shares for $33.7 million, and during the third quarter it paid $11.3 million to buy back 212,000 shares. The new authorization now gives the company about $146.9 million to spend on further share repurchases.
The board of directors also approved the company's first quarterly cash dividend, which will be 15 cents per common share. It will be payable Oct. 10 to shareholders on record as of Sept. 25.
