Pep Boys Acknowledges Schedule 13D Filing
November 21 2005 - 4:25PM
Business Wire
The Pep Boys - Manny, Moe & Jack (NYSE:PBY), the nation's
leading automotive aftermarket retail and service chain,
acknowledged the filing of a Schedule 13D with the Securities and
Exchange Commission disclosing the acquisition by an investor group
of in excess of 5% of the Company's common stock. CFO Harry
Yanowitz noted, "As evidenced by our recent share repurchases, we
agree with the investor group's statement that our stock is
undervalued. We always welcome investors' views on our business
strategy, as the Board of Directors and management strive to
optimize long-term value for all of our shareholders." Pep Boys has
593 stores and more than 6,000 service bays in 36 states and Puerto
Rico. Along with its vehicle repair and maintenance capabilities,
the Company also serves the commercial auto parts delivery market
and is one of the leading sellers of replacement tires in the
United States. Customers can find the nearest location by calling
1-800 - PEP-BOYS or by visiting pepboys.com. Certain statements
contained herein constitute "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995.
The word "guidance," "expect," "anticipate," "estimates,"
"forecasts" and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements include
management's expectations regarding future financial performance,
automotive aftermarket trends, levels of competition, business
development activities, future capital expenditures, financing
sources and availability and the effects of regulation and
litigation. Although the Company believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. The Company's actual results may
differ materially from the results discussed in the forward-looking
statements due to factors beyond the control of the Company,
including the strength of the national and regional economies,
retail and commercial consumers' ability to spend, the health of
the various sectors of the automotive aftermarket, the weather in
geographical regions with a high concentration of the Company's
stores, competitive pricing, the location and number of
competitors' stores, product and labor costs and the additional
factors described in the Company's filings with the SEC. The
Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
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