Marcus Boosts Stock Buyback Program

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7/18/2012 2:21 PM ET

Marcus Corp. (MCS: Quote) said Wednesday that its Board of Directors has authorized the repurchase of up to 2 million additional shares of the company's outstanding common stock.

As of June 30, the company had about 20.1 million shares of common stock outstanding and about 8.8 million shares of Class B common stock outstanding.

The new authorization adds to the company's existing share repurchase program that had about 763,000 shares remaining under prior authorizations as of June 30, 2012.

The company repurchased about 1.08 million shares in the open market during its fiscal year ended May 31, 2012.

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