Haverty Furniture Companies, Inc. Authorizes Additional Stock for Repurchase Program

Furniture World Magazine

Haverty Furniture Companies, Inc., reported the approval for a one-million share increase in the authorization for purchases under its previously-adopted stock-buyback program. The Company repurchased 1,125,300 shares of its Common Stock from May 3, 1999 (when a previous increase in the number of shares for the stock-buyback program had been authorized) through the end of the year. There were 333,246 remaining shares which could have been purchased pursuant to such prior approval at December 31, 1999. The announced purchase authorization covers an additional 1,000,000 shares of either of the two classes of Havertys' Common Stock. As part of theapproval, the purchases are authorized to be made in the open market and also Through negotiated transactions. John E. Slater, Jr., President and CEO, said: "Although Havertys continues to gain share in the retail home furnishings arena and produce strong increases in earnings and returns on equity, we believe this is not reflected in the market valuation of our stock. Given our strong cash flows, the acquisition of our own stock continues to be an excellent way to enhance shareholder value." Havertys is a full-service home furnishings retailer with 103 showrooms in 14 southern and central states providing its customers with a wide selection of quality merchandise in middle- to upper-middle price ranges. Additional information is available on the Company's website at http://www.havertys.com .