Oakley Authorizes Repurchase of Shares

Oakley Inc.’s board authorized the repurchase of up to an additional $20 million of the company’s common shares at prices under $9 a share.

The Foothill Ranch company, which makes sunglasses, apparel and watches, said it plans to reacquire the shares from time to time on the open market. The company currently has 70.6 million shares outstanding.

Oakley’s board approved the repurchase of up to 3 million of the company’s common shares on Oct. 21, 1996. Founder and chairman Jim Jannard also has repurchased shares from time to time.

The shares closed Wednesday at $6.94, up 94 cents, on the New York Stock Exchange. The stock, which traded as high as $9.88 in May, has fallen about 27% so far this year.