Business
Rush Enterprises, Inc. Adopts $100 Million Stock Repurchase Program
SAN ANTONIO, Texas, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq: RUSHA) (Nasdaq: RUSHB), which operates the largest network of commercial
About this update from Rush Enterprises, Inc.
[{"type":"text","content":"SAN ANTONIO, Texas, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq: RUSHA) (Nasdaq: RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that its Board of Directors approved a new stock repurchase program authorizing the Company to repurchase, from time to time, up to an aggregate of $100 million of its shares of Class A common stock, $.01 par value per share, and/or Class B common stock, $.01 par value per share. “I am pleased to announce the approval of a new $100 million stock repurchase program, said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of the Company. “While the lingering COVID-19 pandemic and significant supply chain constraints continue to negatively impact many areas of our industry and have created uncertainty in the global economy, we believe that our financial performance through the third quarter of this year demonstrates our continued ability to generate cash under challenging economic conditions and in all cycles of the truck market,” Rush stated. “As we look forward to 2022, we will continue to prioritize capital investments in our strategy to grow our market share in both heavy- and medium-duty commercial vehicle sales and aftermarket parts and service sales. We remain confident that we can continue to invest in our growth strategy while also continuing to return capital to shareholders, as evidenced by our upcoming acquisition of certain dealerships of the Summit Truck Group, which we believe will close during the fourth quarter of 2021, our regular quarterly dividend totaling $41.1 million in 2021 and strong cash flow,” Rush added. This new stock repurchase program replaces the Company’s prior $100 million stock repurchase program. As of November 29, 2021, the Company had repurchased $30.7 million worth of shares of its common stock under the prior stock repurchase program, which was scheduled to expire on December 31, 2021, and was terminated effective December 1, 2021. Repurchases under the new stock repurchase program will be made at times and in amounts as the Company deems appropriate and may be made through open market transactions at prevailing market prices, privately negotiated transactions or by other means in accordance with federal securities laws. The actual timing, number and value of repurcha...