Recreation USA Announces Stock Buyback
2 October 2000
Recreation USA Announces Stock BuybackFT. LAUDERDALE, Fla., Oct. 2 Holiday RV Superstores, Inc. , which operates under the tradename Recreation USA, today announced that it has received authorization from its board of directors to repurchase up to 300,000 shares, or more than 4 percent of its outstanding common stock. The nation's leading retail chain of recreational vehicle and marine dealerships reported that its board of directors reinitiated the Company's stock repurchase program based on the belief that Recreation USA stock is undervalued. Recreation USA had 7,339,300 shares of common stock outstanding in the quarter ended July 31, 2000. "This stock buyback program reflects the board's confidence in the soundness of our business model and in management's ability to execute this strategy," said Ronald G. Huneycutt, president and CEO. "Our stock is not fully valued in the marketplace, and we think a stock buyback is an excellent opportunity to return value to shareholders, given our progress and growth potential."