Group 1 Automotive Board Authorizes New $50 Million Share Repurchase Program
Published on Wednesday, 11 July 2012 09:18 Written by TradersHuddle Staff
HOUSTON, July 11, 2012 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 automotive retailer, today announced that its board of directors authorized a program to repurchase up to $50.0 million of the company's common stock. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions. During the second quarter of 2012, Group 1 repurchased 241,991 common shares at an average price of $46.75. The new $50.0 million program replaces any amount remaining under the prior authorization at June 30.
The company expects that any repurchase of shares will be funded by cash from operations. Repurchased shares will be held in treasury.
About Group 1 Automotive, Inc.
Group 1 owns and operates 122 automotive dealerships, 159 franchises, and 28 collision centers in the United States and the United Kingdom that offer 32 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing, service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, and (i) our ability to retain key personnel. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Kim Paper Canning
Manager, Investor Relations
Group 1 Automotive, Inc.
V.P. Financial Services and Manufacturer Relations
Group 1 Automotive, Inc.
Pierpont Communications, Inc.
SOURCE Group 1 Automotive, Inc.
- Group 1 Automotive Increases Quarterly Cash Dividend
- Group 1 Automotive Reports Record 2013 First-Quarter Financial Results On Strong Revenue Growth And Improved Cost Leverage
- Group 1 Automotive Assessing Storm Damage In Oklahoma City and Houston
- Group 1 Automotive Schedules 2013 First-Quarter Earnings Release, Conference Call And Webcast
- Group 1 Automotive Assessing Hail Damage To New Orleans Dealerships
- Group 1 Automotive Closes UAB Motors Acquisition; Adds Additional Board Member
- Group 1 Automotive Acquires Ford Dealerships In The United Kingdom
- Group 1 Automotive Reports Record Full-Year 2012 Financial Results
- Group 1 Automotive Declares A Quarterly Cash Dividend
- Group 1 Automotive Updates Time Of 2012 Fourth-Quarter And Full-Year Conference Call And Webcast
Related Partner Headlines
- Group 1 Automotive, Inc. (NYSE: GPI) today announced it is assessing damage at 24 - Benzinga
- UPDATE: Sterne Agee Downgrades Group 1 Automotive to Neutral - Benzinga
- UDPATE: Morgan Stanley Maintains Underweight on Group 1 Automotive; Raises PT from $40 to $46 - Benzinga
- Group I Automotive Inc (GPI): Today's Featured Specialty Retail Loser - TheStreet.com
- Group 1 Automotive Acquires Volkswagen Dealership In Florida - Benzinga
- Group 1 Automotive Assessing Hail Damage To Oklahoma City Dealerships; Sees After-Tax Charges of $0.07-0.10 in Q2 - Benzinga
- Group I Automotive Stock To Go Ex-dividend Tomorrow (GPI) - TheStreet.com
- UPDATE: Sterne Agee Upgrades Group 1 Automotive to Buy on Valuation - Benzinga
- Group 1 Automotive Acquires Honda and Volkswagen Dealerships in Florida - Benzinga
- Group 1 Automotive Doubles Footprint In United Kingdom - Benzinga
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,211.47 Trade time:10:18AM EDT Value change:▼83.03 (-0.54%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,638.69 Trade time:10:18AM EDT Value change:▼11.82 (-0.72%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,434.92 Trade time:10:18AM EDT Value change:▼24.50 (-0.71%)
In The Wires
Iconix Acquires The Remaining 49% Interest In Ecko Unltd., and Marc Ecko Cut & Sew
Comcast Awards $66,000 In Scholarships To Virginia High School Seniors
Marret Resource Corp. announces appointments to the Board and certain amendments to its corporate governance policies
Total Communicator Solutions signs long term license agreement with Engage Mobility to create one of the first Augmented Reality mobile engagement platforms
Rainy River Resources Provides Project Update
GridSense™, an Acorn Energy Company, Provides The Industry's First 500kV High-Voltage Inspection Camera
Top Tech Analyst Updates Outlooks for QLogic, Intel, Dell, Towerstream and TowerJazz Semiconductor
Biozoom Appoints Director Of Business Development/Sales And Corporate Secretary