Red Robin Gourmet Burgers, Inc. Board of Directors Reaffirms Intent to Repurchase up to $50 million of Common Stock
Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, announced that during the board of directors meeting on May 28, 2008, the board reaffirmed its intent, as previously announced in a press release dated August 16, 2007, to repurchase up to $50 million of the Company's common stock.
Stock repurchases may be made from time to time in open market transactions and through privately negotiated transactions. The timing and extent to which the Company repurchases its shares will depend upon market conditions and other corporate considerations as may be considered in the Company's sole discretion.
The Company currently has approximately 16.8 million shares of common stock outstanding. On May 28, 2008, the Company's stock closed at $33.26 per share.
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