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Hastings Entertainment Pledges $10M Stock Repurchase

11 Aug, 2010 By: Erik Gruenwedel

Hastings Entertainment Aug. 10 said it would repurchase upwards of $10 million worth of outstanding common stock.

The announcement is in addition to a previous agreement by Amarillo, Texas-based Hastings to purchase $27.5 million of common stock.

Company-orchestrated stock repurchases are typically the board of directors’ attempt to show support for the stock and management, in addition to declaring shares to be undervalued.

Hastings, which operates 147 retail stores throughout the Southwest that rent and sell DVD/Blu-ray Disc movies, among other entertainment, reported income of $1 million during its most recent financial period.

Hastings’ stock closed up 12 cents to $7.20 per share.

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