MEMPHIS, Tenn., June 11 /PRNewswire-FirstCall/ -- AutoZone, Inc.
(NYSE: AZO), today announced that its Board of Directors authorized the
repurchase of an additional $500 million of the company's common stock, in
connection with the ongoing share repurchase program. The company has almost
completed the repurchase of the $500 million in common stock authorized in
January 2003. Additionally, the Board of Directors approved the use of a
10b5-1 plan to execute share repurchases.
"AutoZone's strong financial performance has allowed us to repurchase
stock at an accelerated rate while still maintaining strong credit ratios,"
said Steve Odland, President and Chief Executive Officer. "We will continue
to utilize accretive share repurchases within the bounds of a disciplined
capital structure to enhance shareholder returns."
As of May 10, 2003, AutoZone sells auto and light truck parts, chemicals
and accessories through 3,152 AutoZone stores in 45 states plus the District
of Columbia in the U.S. and 43 AutoZone stores in Mexico and also sells the
ALLDATA brand diagnostic and repair software. On the web, AutoZone sells
diagnostic and repair information through www.alldatadiy.com, and auto and
light truck parts through www.autozone.com.
Certain statements contained in this press release are forward-looking
statements. These statements discuss approval for the purchases of the
company's common stock. These forward-looking statements are subject to
risks, uncertainties and assumptions, including, without limitation, the price
of the company's common stock, competition, product demand, the economy,
inflation, gasoline prices, consumer debt levels, weather, war and the
prospect of war, including terrorist activity, and the availability of
commercial transportation. Actual results may materially differ from
anticipated results. Please refer to the Risk Factors section of AutoZone's
Form 10-K for the fiscal year ended August 31, 2002, for more information
related to those risks. AutoZone undertakes no obligation to publicly release
any revisions to any forward-looking statements contained in this press
release to reflect events or circumstances occurring after the date of this
release or to reflect the occurrence of unanticipated events.
SOURCE AutoZone, Inc.
-0- 06/11/2003
/CONTACT: media, Ray Pohlman, +1-901-495-7962, or e-mail,
ray.pohlman@autozone.com, or financial, Brian Campbell, +1-901-495-7005, or
e-mail, brian.campbell@autozone.com, both of AutoZone, Inc./
/Web site: http://www.alldatadiy.com /
/Web site: http://www.autozone.com /
(AZO)