Rush Enterprises, Inc. (NasdaqGS:RUSH.B) announces an Equity Buyback for $40 million worth of its shares.
January 29, 2015 at 03:03 pm
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Rush Enterprises, Inc. (NasdaqGS:RUSH.B) announces a share repurchase program. Under the program the company will repurchase $40 million of its shares of Class A common stock and/or Class B common stock. Repurchases and will be made through open market transactions, privately negotiated transactions and other lawful means at the company's discretion.
The manner, timing and amount of any repurchases will be determined by the company based on an evaluation of market conditions, stock price and other factors, including those related to the ownership requirements of its dealership agreements with Peterbilt. Repurchase of common stock represents an attractive opportunity to benefit the long-term interests of the company and its shareholders. The repurchase program reflects the company's confidence in its future growth and commitment to return capital to its shareholders.
While the stock repurchase program does not obligate the company to acquire any particular amount or class of common stock, the company anticipates that it will be repurchasing primarily shares of its Class B common stock. The stock repurchase program expires on February 3, 2016, and may be suspended or discontinued at any time.
Rush Enterprises, Inc. is an integrated retailer of commercial vehicles and related services. The Company operates through the Truck Segment, which includes its operation of a network of commercial vehicle dealerships under the name Rush Truck Centers. Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus, Blue Bird and Dennis Eagle. Through its network of Rush Truck Centers, the Company provides one-stop service for the needs of its commercial vehicle customers, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products. It operates over 125 franchised Rush Truck Centers in 23 states. It also owns and operates over 14 international dealership locations in Ontario. It provides aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental, and chrome accessories and tires.