Pep Boys Declares Quarterly Dividend; Renews Share Repurchase Program
September 07 2006 - 4:30PM
Business Wire
The Pep Boys - Manny, Moe & Jack (NYSE:PBY), the nation's
leading automotive aftermarket retail and service chain, announced
that its Board of Directors approved the payment of the next
quarterly dividend of $.0675 per share payable on October 23, 2006
to shareholders of record on October 9, 2006. The annual dividend
of $.27 per share currently yields approximately 2.1%. The Board of
Directors also approved the renewal of its share repurchase
program, which had approximately $45,000,000 of its original
$100,000,000 authorization remaining and was set to expire on
September 30, 2006. The Company has not made any share repurchases
during fiscal 2006. Under the renewed program, the Board reset the
authority back to $100,000,000 for repurchases to be made from time
to time in the open market or in privately negotiated transactions
through September 30, 2007. About Pep Boys Pep Boys has 593 stores
and over 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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