Tile Shop Adopts $30M Share Repurchase Plan

Tile Shop Holdings Inc TTSH Board has authorized a share repurchase program for up to $30 million.
"We believe our shares are currently undervalued and based on the strength of our balance sheet, coupled with our long-term outlook, an opportunity exists to create value for our shareholders while continuing to invest in our key strategies," said CFO Karla Lunan.
TTSH intends to fund the repurchase using its existing cash and equivalents, borrowings against its revolving line of credit, and future cash flow.
The company had $10.5 million of cash and equivalents and $92.6 million available for borrowing on its revolving line of credit as of June 30, 2022.
Price Action: TTSH shares are trading higher by 7.56% at $4.27 on the last check Tuesday.