Clothier Tries Stock Strategy to Lure Prospective Buyers

A Denver-based golf apparel and outerwear manufacturer has approved an increase in its share buyback program by 320,000 shares.

Still trying to lure a purchaser, Sport-Haley Inc. has shaved its outstanding shares by 17% since December 1998 in repeated attempts to attract a buyer. As of March 31, the company had 3.7 million outstanding shares. The strategy of taking shares out of the market often is used to spread profit across fewer shares and boost the earnings per share – a plan that didn’t work for the manufacturer who watched share prices drop 4 cents in this year’s first quarter. A buyout in the works last year failed for the clothier.