ANAHEIM, Calif., May 18, 2006 (PRIMEZONE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) announced today that the Company's Board of Directors has authorized the Company to repurchase up to an additional $100 million of Pacific Sunwear of California common stock in the open market from time to time as market conditions warrant. During fiscal 2005, under repurchase authorizations of $115 million, the Company repurchased an aggregate of 2,808,300 shares of Pacific Sunwear of California common stock at an average price of $23.37, for approximately $65.7 million. During fiscal 2006, under the same authorization, the Company repurchased 1,850,000 shares at an average price of $22.46, for approximately $41.6 million. The Company has approximately $8.3 million remaining under its previous stock repurchase program.
"This additional $100 million stock repurchase authorization reflects the strength of the Company's balance sheet and our confidence in the future," commented Seth Johnson, Chief Executive Officer.
As of April 29, 2006 there were 72,386,066 shares of Pacific Sunwear of California common stock outstanding.
About Pacific Sunwear of California, Inc.
Pacific Sunwear, operating under three distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of April 29, 2006, the Company operated 820 PacSun stores, 97 PacSun Outlet stores, 200 d.e.m.o. stores and 5 One Thousand Steps stores for a total of 1,122 stores in 50 states and Puerto Rico. PacSun's website address is www.pacsun.com, merchandise carried at d.e.m.o. stores can be found at www.demostores.com and information about One Thousand Steps can be found at www.onethousandsteps.com.
The Pacific Sunwear of California logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2087
Pacific Sunwear Safe Harbor
This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The Company is hereby providing cautionary statements identifying important factors that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These statements are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in such forward-looking statements. Such uncertainties include, among others, the following factors: our new concept is untested and may not be profitable or successful; changes in consumer demands and preferences, higher than estimated costs of goods sold or selling, general and administrative costs, competition from other retailers and uncertainties generally associated with apparel retailing; merchandising/fashion sensitivity; lower than expected sales from private label merchandise; fluctuations in comparable store net sales results; expansion and management of growth; reliance on key personnel; dependence on a single distribution facility; economic impact of natural disasters, terrorist attacks or war/threat of war; shortages of supplies and/or contractors, as a result of natural disasters or terrorist acts, could cause unexpected delays in new store openings, relocations or expansions; reliance on foreign sources of production; and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended January 28, 2006 and subsequent periodic reports filed with the Securities and Exchange Commission. Historical results achieved are not necessarily indicative of future prospects of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur after such statements are made. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.