Rush Enterprises announces stock repurchase
Rush Enterprises, Inc. announced that its Board of Directors approved a new stock repurchase program authorizing the company to repurchase, from time to time in the next year, up to an aggregate of $40 million of its shares of Class A common stock,$.01 par value per share, and/or Class B common stock, $.01 par value per share.
The new stock repurchase program replaces the previous $40 million stock repurchase program that was set to expire on Feb. 11, 2014.
“We believe that purchasing our common stock represents an attractive opportunity to benefit the long-term interests of the Company and its shareholders. The new stock repurchase program reflects our confidence in the Company’s future growth and our commitment to return capital to our shareholders,” says W. M. “Rusty” Rush, Chief Executive Officer and President of Rush Enterprises, Inc.
Repurchases will be made at times and in amounts as the company deems appropriate 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.
The stock repurchase program expires on Feb. 3, 2015 and may be suspended or discontinued at any time. 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.