RICHMOND, VA--October 18, 2012: CarMax, Inc. today announced that its Board of Directors has approved a share repurchase program for up to $300 million of the company's outstanding common stock. The share repurchase authorization is effective immediately and expires on December 31, 2013.
“We're very pleased with the Board's approval of our share repurchase program, which reflects both confidence in the company's ability to fund our growth plan and a continuing commitment to increase shareholder value”
"We're very pleased with the Board's approval of our share repurchase program, which reflects both confidence in the company's ability to fund our growth plan and a continuing commitment to increase shareholder value," said Tom Folliard, CarMax's president and chief executive officer.
"Our first priority continues to be our announced growth plan and the long-term expansion of our business to more markets," stated Tom Reedy, CarMax's executive vice president and chief financial officer. CarMax reiterated previously announced plans to open 10 superstores in fiscal 2013 and 10 to 15 superstores in each of the following 3 fiscal years. "At this pace, we believe we are optimizing our opportunity for geographic expansion, while still driving continued operational efficiencies," said Reedy. "Our decision to implement a share repurchase plan reflects our ongoing focus on delivering value to shareholders."
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.
