MEMPHIS, Tenn., March 17 /PRNewswire-FirstCall/ -- AutoZone, Inc.
(NYSE: AZO), today announced its Board of Directors authorized the repurchase
of an additional $600 million of the Company's common stock in connection with
its ongoing share repurchase program. Including the above amount, the share
repurchase authorization now totals $3.9 billion.
"AutoZone's strong financial health has allowed us to repurchase stock at
an accelerated rate while still maintaining strong credit ratios," said
Michael Archbold, Senior Vice President and Chief Financial Officer. "We will
continue to opportunistically repurchase shares as long as it is accretive to
earnings."
Additionally, Marsha J. Evans has announced her retirement from the Board
of Directors due to the increasing time requirements of her current position
as President and Chief Executive Officer of The American Red Cross. "We want
to thank Marty Evans for her leadership and guidance on our Board of Directors
over the past two years, most recently as a member of both our Compensation
and Nominating and Corporate Governance Committees. We will miss her
leadership and wish her well regarding her important work with The American
Red Cross," said Steve Odland, Chairman, President, and CEO.
As of February 14, 2004, AutoZone sells auto and light truck parts,
chemicals and accessories through 3,299 AutoZone stores in 48 states plus the
District of Columbia in the U.S. and 55 AutoZone stores in Mexico and also
sells the ALLDATA brand diagnostic and repair software. On the web, AutoZone
sells diagnostic and repair information and auto and light truck parts
through www.autozone.com .
Certain statements contained in this press release are forward-looking
statements. These statements discuss, among other things, business strategies
and future performance. These forward-looking statements are subject to
risks, uncertainties and assumptions, including, without limitation,
competition, product demand, the economy, inflation, gasoline prices, consumer
debt levels, 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 30, 2003, 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.
CONTACT: Financial, Brian Campbell, +1-901-495-7005, or
brian.campbell@autozone.com, or Media, Ray Pohlman, +1-901-495-7962, or
ray.pohlman@autozone.com, both of AutoZone, Inc.