The Pep Boys - Manny, Moe & Jack : Pep Boys Announces $50 Million Stock Repurchase Program
12/12/2012| 04:35pm US/Eastern
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The Pep Boys - Manny, Moe & Jack (NYSE: PBY), the nation's leading
automotive aftermarket service and retail chain, today announced that
its board of directors has authorized a program to repurchase up to $50
million of the Company's common stock. The program is effective
immediately and has no expiration date.
"Based on current market prices, we believe that our stock is
undervalued and that the repurchase program is a good investment of
available cash on hand and future cash flows," said President & Chief
Executive Officer Mike Odell.
Common stock may be repurchased in the open market or through negotiated
transactions, including Rule 10b5-1 trading plans that would enable the
Company to repurchase its shares during periods outside of its normal
trading windows, when the Company typically would not be active in the
market. The time of purchases and the exact number of shares to be
purchased will depend on market conditions. The repurchase program does
not include specific price targets or timetables and may be suspended or
terminated at any time.
About Pep Boys
Since 1921, Pep Boys has been the nation's leading automotive
aftermarket chain. With approximately 7,200 service bays in more than
740 locations in 35 states and Puerto Rico, Pep Boys offers name-brand
tires; automotive maintenance and repair; parts and expert advice for
the Do-It-Yourselfer; commercial auto parts delivery; and fleet
maintenance and repair. Customers can find the nearest location by
calling (800) PEP-BOYS (800-737-2697) or by visiting http://www.pepboys.com.
Forward Looking Statements
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 implementation of its
long-term strategic plan, 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.
Pep Boys
Mike Melia, 215-430-9459
investorrelations@pepboys.com
© Business Wire 2012
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