Rush Enterprises, Inc. Adopts $150 Million Stock Repurchase Program
October 31 2018 - 4:56PM
Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which
operates the largest network of commercial vehicle dealerships in
North America, today announced that its Board of Directors approved
a new stock repurchase program authorizing the Company to
repurchase, from time to time, up to an aggregate of $150 million
of its shares of Class A common stock, $.01 par value per share,
and/or Class B common stock, $.01 par value per share.
“I am excited to announce the approval of this new $150 million
stock repurchase program. We are confident in our ability to
make appropriate investments in our strategic growth initiatives,
pursue acquisition opportunities and generate positive free cash
flow in all cycles of the truck market. Our commitment to
executing on our previously announced capital allocation strategy
is reflected in the approval of this new stock repurchase program,
which is materially larger than any of our previous stock
repurchase programs, and the decision we made earlier this year to
begin issuing a quarterly dividend,” said W.M. “Rusty” Rush,
Chairman, Chief Executive Officer and President of the Company.
This new stock repurchase program replaces the Company’s prior
stock repurchase program, which the Company originally announced on
November 30, 2017 as a $40 million stock repurchase program, and
subsequently increased to $75 million on March 8, 2018. As of
October 31, 2018, the Company had repurchased $61.7 million of its
shares of common stock under the prior stock repurchase program,
which was scheduled to expire on November 29, 2018 and is
terminated effective October 31, 2018.
Repurchases under the new stock repurchase program will be made
at times and in amounts as the Company deems appropriate and may be
made through open market transactions at prevailing market prices,
privately negotiated transactions or by other means in accordance
with federal securities laws. The actual timing, number and value
of repurchases under the new stock repurchase program will be
determined by management in its discretion and will depend on a
number of factors, including market conditions, stock price and
other factors. The new stock repurchase program expires on December
31, 2019, and may be suspended or discontinued at any time.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the
commercial vehicle industry. The Company owns and operates Rush
Truck Centers, the largest network of commercial vehicle
dealerships in the United States. These vehicle centers,
strategically located in high traffic areas on or near major
highways throughout the United States, represent truck and bus
manufacturers, including Peterbilt, International, Hino, Isuzu,
Ford, IC Bus and Blue Bird. They offer an integrated approach
to meeting customer needs — from sales of new and used vehicles to
aftermarket parts, service and body shop operations plus financing,
insurance, leasing and rental. Rush Enterprises' operations also
provide vehicle up-fitting, CNG fuel systems and vehicle telematics
products. For more information, please visit
www.rushenterprises.com.
Contact:
Rush Enterprises, Inc., San AntonioSteven L. Keller,
830-302-5226 kellers@rushenterprises.com
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