MEMPHIS, Tenn., Mar 19, 2002 /PRNewswire-FirstCall via COMTEX/ -- AutoZone,
Inc. (NYSE: AZO), today announced that its Board of Directors approved the
repurchase of up to an additional $300 million of the company's common stock,
bringing the total repurchase authorization to $2.0 billion. Cumulative share
repurchases to date are $1.66 billion, including forward commitments of $64.8
million.
"AutoZone's operating cash flows have improved significantly over the past
year," said Steve Odland, Chairman, President and Chief Executive Officer. "We
may use some portion of our excess cash flow to continue to buy back stock at
prices that are accretive to earnings, while optimizing total debt levels. We
are committed to enhancing shareholder value through our efforts."
As of February 9, 2002, AutoZone sells auto and light truck parts, chemicals and
accessories through 3,037 AutoZone stores in 44 states plus the District of
Columbia in the U.S. and 23 AutoZone stores in Mexico and also sells ALLDATA
automotive diagnostic and repair software. On the web, AutoZone sells diagnostic
and repair information through alldatadiy.com, and auto and light truck parts
through AutoZone.com.
Certain statements contained in this press release are forward-looking
statements. These statements discuss, among other things, future common stock
repurchases and future debt levels. These forward-looking statements are subject
to risks, uncertainties and assumptions, including, without limitation,
AutoZone's future financial performance and future actions taken by debt rating
agencies. Actual results may materially differ from anticipated results.
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.
CONTACT: Media, Ray Pohlman, +1-901-495-7962, or e-mail,
ray.pohlman@autozone.com, or financial, Emma Jo Kauffman, +1-901-495-7005, or
e-mail, emma.jo.kauffman@autozone.com, both of AutoZone, Inc.