NEW YORK, Sept. 18 /PRNewswire/ -- The Estee Lauder Companies Inc.
(NYSE: EL) announced today that its Board of Directors has approved the
purchase of up to 4.0 million Class A Common shares or about 3.4% of the total
outstanding common stock. The Company believes that repurchasing its shares
at current market prices is a sound investment. Repurchases will be made from
time to time in the open market or in private transactions, and there will be
no specific time frame. The repurchased shares will be held as treasury
shares and used for general corporate purposes including employee stock option
programs. Internally generated cash flow and borrowings will be used to fund
the purchases. The Company has a total of approximately 118.3 million common
shares outstanding.
Leonard A. Lauder, Chairman and Chief Executive Officer, said, "We are
confident in our prospects for long-term growth and believe the Company's
stock is an attractive investment. Together with our strategies to grow the
Company, this share repurchase program should further increase stockholder
value."
The Estee Lauder Companies Inc. is one of the world's leading
manufacturers and marketers of quality skin care, makeup, fragrance and hair
care products. The Company's products are sold in over 100 countries and
territories under well-recognized brand names, including Estee Lauder,
Clinique, Aramis, Prescriptives, Origins, M-A-C, Bobbi Brown essentials, Tommy
Hilfiger, jane, Donna Karan and Aveda.
The forward-looking statements in this press release, such as those in
quotations, involve risks and uncertainties some of which are detailed in the
"forward-looking statements" section of the Company's report on Form 10-K for
the year ended June 30, 1998, previously filed with the SEC.
SOURCE The Estee Lauder Companies Inc.
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CONTACT:
Investor Relations - Dennis D'Andrea,
212-572-4384, or Media Relations - Mary Carroll Linder,
212-572-4430, both of Estee Lauder
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