CSK Auto Corporation Announces Share Repurchase Program; Confirms Participation in Investor Conference.Business Editors/Automotive Writers PHOENIX--(BUSINESS WIRE)--June 9, 2004 CSK Auto CSK Auto Inc. is the largest specialty retailer of automotive parts and accessories in the western United States and one of the largest retailers of such products in the entire country. Corporation (NYSE NYSE See: New York Stock Exchange :CAO), the parent company of CSK Auto, Inc., a specialty retailer in the automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. , today announced that its Board of Directors has authorized, effective immediately, a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program of up to $25 million. This share repurchase program will be in effect until December 2005. Maynard Jenkins, chairman and chief executive officer, stated, "We are pleased to announce that our Board has authorized the share repurchase program. This is a reflection of our Board's confidence in the Company's financial strength and our overall commitment to our shareholders. We believe that the purchase of shares of our common stock represents a highly effective use of our cash." The Company may buy shares in the open market or in privately negotiated transactions and will base its decisions on whether to repurchase shares and the timing of any such repurchases on factors including the stock price, the Company's cash and debt levels, and general economic and market conditions. Shares of stock repurchased under the plan will be retired and returned to the status of authorized and unissued shares. As previously announced, members of the senior management team of the Company plan to participate in the Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution Consumer Conference and the Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Fourth Annual Retail Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on June 10, 2004. This presentation will be webcast and the slides to be used in this presentation also will be available to interested parties on June 10, 2004, through the Company's Web site at www.cskauto.com by pointing one's browser and clicking on "Investors" and then "Presentations." CSK Auto Corporation is the parent company of CSK Auto, Inc., a specialty retailer in the automotive aftermarket. As of May 2, 2004, the Company operated 1,117 stores in 19 states under the brand names Checker Auto Parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
Certain statements contained in this release could constitute forward-looking statements, including statements concerning the number or value of shares to be repurchased or the manner of execution of such purchases. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission. |
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