Cameron Ashley Board Authorizes Share Repurchase Program.DALLAS--(BUSINESS WIRE)--Sept. 2, 1998--Cameron Ashley Building Products (NYSE NYSE See: New York Stock Exchange : CAB) announced today that its Board of Directors has authorized the company to repurchase up to 750,000 shares of Cameron Ashley common stock. The shares will be purchased through open market purchases or privately negotiated transactions. As of the quarter ended July 31, 1998, the Company had a total of 9,363,000 common shares outstanding. Ronald R. Ross, Chairman and Chief Executive Officer, commented: "The Board's decision to implement a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program demonstrates our confidence in the Company's future prospects and our view that Cameron Ashley stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. with respect to our recent performance and earnings potential." Cameron Ashley Building Products, Inc. is a distributor of a broad line of building products that are used principally in home improvement, remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and repair work and in new residential construction. The Company distributes its products to independent building material dealers, professional builders, large contractors and mass merchandisers through a network of 157 branches located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. Product lines include roofing, millwork, pool and patio enclosure materials, insulation, siding, steel products, industrial metals and a variety of other building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . . Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements: Except for historical information contained herein, certain statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements may be indicated by phrases such as "believes", "anticipates", "expects", "intends", "foresees", "projects", "predicts", "forecasts" or similar words and involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Among the factors that could cause results to differ materially are the following: (i) business and economic conditions in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , (ii) business and economic conditions in the regional markets in which the Company operates, (iii) adverse homebuilding conditions including those related to weather and interest rates, (iv) the ability to make acquisitions at reasonable prices and achieve synergies upon integration, (v) reliable and cost-effective supply of products from manufactures, and (vi) technology risks in integrating information systems. Certain of these risks are more fully described in the Company's 10-Q and 10-K filings with the Securities and Exchange Commission (SEC). Copies of the Company's 10-K and 10-Qs are available from the SEC or may be obtained upon request from the Company. The Company does not undertake any obligations to update the information contained herein, which speaks only as this date.
CONTACT: Cameron Ashley Building Products, Dallas
J. Andrew Kerner
Chief Financial Officer, 214/860-5100
or
Morgen-Walke Associates, New York
June Filingeri/Jennifer Angell
Media contact: Miriam Adler
212/850-5600
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