MEMPHIS, Tenn., March 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- AutoZone, Inc.
(NYSE: AZO), today announced its Board of Directors authorized the repurchase
of an additional $500 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 $4.4 billion.
"AutoZone's strong financial health has allowed us to continue to
repurchase our stock while maintaining strong credit ratios," said Michael
Archbold, Executive Vice President and Chief Financial Officer. "We will
continue to opportunistically repurchase shares as long as it is accretive to
earnings."
Also today, the Board of Directors elected Bill Rhodes as a new director.
Mr. Rhodes was recently named President and Chief Executive Officer of
AutoZone. Prior to that he served in various senior management positions at
the Company, including Executive Vice President, Store Operations and
Commercial, Senior Vice President of Supply Chain and Information Technology,
and Vice President, Stores. He is active in the community, holding positions
on the boards of the National Civil Rights Museum and the Partners Board of
the FedEx Institute of Technology at the University of Memphis. "We are
privileged to add Bill to our board. His industry knowledge and experience
ensure he will be a wonderful addition," said J.R. Hyde, III, AutoZone's
Interim Chairman of the Board.
As of February 12, 2005, AutoZone sells auto and light truck parts,
chemicals and accessories through 3,474 AutoZone stores in 48 states plus the
District of Columbia in the U.S. and 67 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 http://www.autozone.com .
Certain statements contained in this press release are forward-looking
statements. Forward-looking statements typically use words such as "believe,"
"anticipate," "should," "intend," "plan," "will," "expect," "estimate,"
"project," "positioned," "strategy," and similar expressions. These are based
on assumptions and assessments made by our management in light of experience
and perception of historical trends, current conditions, expected future
developments and other factors that we believe to be appropriate. These
forward-looking statements are subject to a number of risks and uncertainties,
including without limitation: competition; product demand; the economy; the
ability to hire and retain qualified employees; consumer debt levels;
inflation; raw material costs of our suppliers; gasoline prices; war and the
prospect of war, including terrorist activity; availability of consumer
transportation; construction delays; access to available and feasible
financing; and our ability to continue to negotiate pay-on-scan and other
arrangements with our vendors. Forward-looking statements are not guarantees
of future performance and actual results; developments and business decisions
may differ from those contemplated by such forward-looking statements, and
such events could materially and adversely affect our business. Forward-
looking statements speak only as of the date made. Except as required by
applicable law, we undertake no obligation to update publicly any forward-
looking statements, whether as a result of new information, future events or
otherwise. 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 28, 2004, for more information related to those
risks.
SOURCE AutoZone, Inc.
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.
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