RICHMOND, Va.--(BUSINESS WIRE)--Feb. 1, 2013--
CarMax, Inc. (NYSE: KMX) today announced that its Board of Directors has
approved a $500 million extension of its existing share repurchase
program for the company's outstanding common stock. This extension is in
addition to the previously announced $300 million repurchase
authorization approved by the Board on October 17, 2012. This $500
million authorization expires on December 31, 2014.
“We are happy to extend our share repurchase program,” said
Tom Reedy
,
executive vice president and CFO. “The Board’s authorization reflects
confidence in the business and our ability to deliver our stated growth
plans, as well as CarMax's ongoing commitment to shareholder value.”
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 nine consecutive years, is the nation’s largest retailer of used
vehicles. Headquartered in Richmond, Va., CarMax currently operates 117
used car superstores in 58 markets. The CarMax consumer offer features
low, no-haggle prices, a broad selection of CarMax Quality Certified
used vehicles and superior customer service. During the twelve months
ended February 29, 2012, the company retailed 408,080 used vehicles 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