Susser Board OKs $15M Stock Repurchase
CORPUS CHRISTI, Texas -- Coming off a strong first quarter, the board of directors for Susser Holdings Corp. has approved the repurchase of up to $15 million of the company's common stock. The share purchases may be made from time to time in open market transactions or privately negotiated transactions, as market conditions warrant.
"We had record results in 2010 and in the first quarter of 2011, and we believe our stock reflects an attractive investment," said Sam L. Susser, president and CEO. "These opportunistic share purchases will allow us to directly leverage a portion of our cash flow to enhance shareholder value. This announcement reflects the board's continued confidence in our long-term growth plan and is part of a balanced approach to fund continued growth in our retail and wholesale store network, while maintaining a strong balance sheet and solid liquidity."
As CSNews Online reported in May, Susser saw total revenues of $1.2 billion, a 24.6-percent increase from a year ago, which the company said was the result of a 29.5-percent increase in combined retail and wholesale fuel revenues and a 6.3-percent increase in overall merchandise sales.
The repurchase authorization expires Dec. 31, 2012. Timing of the purchases and the amount of stock purchased will be determined at the discretion of the Susser's management and may include purchases through one or more broker-assisted plans (including 10b5-1 and/or 10b-18 plans).