RICHMOND, Va.--(BUSINESS WIRE)--Oct. 18, 2012--
CarMax, Inc. (NYSE: KMX) today announced that its Board of Directors has
approved a share repurchase program for up to $300 million of the
company’s outstanding common stock. The share repurchase authorization
is effective immediately and expires on December 31, 2013.
“We’re very pleased with the Board’s approval of our share repurchase
program, which reflects both confidence in the company’s ability to fund
our growth plan and a continuing commitment to increase shareholder
value,” said
Tom Folliard
, CarMax’s president and chief executive
officer.
“Our first priority continues to be our announced growth plan and the
long-term expansion of our business to more markets,” stated
Tom Reedy
,
CarMax’s executive vice president and chief financial officer. CarMax
reiterated previously announced plans to open 10 superstores in fiscal
2013 and 10 to 15 superstores in each of the following 3 fiscal years.
“At this pace, we believe we are optimizing our opportunity for
geographic expansion, while still driving continued operational
efficiencies,” said Reedy. “Our decision to implement a share repurchase
plan reflects our ongoing focus on delivering value to shareholders.”
Purchases under the repurchase program may be made in open market or
privately negotiated transactions and are expected to comply with
Securities and Exchange Commission Rule 10b-18. Purchases will be made
from time to time at CarMax’s discretion and the timing and amount of
any share repurchases will be determined based on share price, market
conditions, legal requirements and other factors. The share repurchase
program does not obligate CarMax, Inc. to acquire any particular amount
of common stock, and it may be suspended or discontinued at any time.
Any shares repurchased under the program will be deemed authorized but
unissued shares of common stock.
CarMax, a member of the Fortune 500 and the S&P 500,
and one of the Fortune “100 Best Companies to Work For,”
for eight consecutive years, is the nation’s largest retailer of used
cars. Headquartered in Richmond, Va., CarMax currently operates 115 used
car superstores in 57 markets. The CarMax consumer offer is structured
around four customer benefits: low, no-haggle prices; a broad selection;
high quality vehicles; and a customer-friendly sales process. During the
fiscal year ended February 29, 2012, the company retailed 408,080 used
cars and sold 316,649 wholesale vehicles at our in-store auctions. For
more information, access the CarMax website at www.carmax.com.
Forward-Looking Statements
This press release contains forward-looking statements about our future
business and growth plans and prospects, as well as our potential share
repurchase activity. These statements are based on our current knowledge
and assumptions about future events and involve risks and uncertainties
that could cause actual results to differ materially from anticipated
results. Important factors that could cause actual results to differ
materially from those contained in our forward-looking statements are
set forth in our Annual Report on Form 10-K for the fiscal year ended
February 29, 2012, and our quarterly or current reports as filed with or
furnished to the Securities and Exchange Commission. We disclaim any
intent or obligation to update our forward-looking statements.
Source: CarMax, Inc.
CarMax, Inc.
Investors and Financial Media:
Katharine Kenny,
Vice President, Investor Relations, (804) 935-4591
Celeste Gunter,
Manager, Investor Relations, (804) 935-4597
or
General Media:
Trina
Lee, Director, Public Relations, (804) 747-0422, ext. 4197
Britt
Farrar, Manager, Public Relations, (804) 747-0422, ext. 3473