“These opportunistic share purchases will allow us to directly leverage a portion of our cash flow to enhance shareholder value,” says Susser CEO.
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 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,” he added.
Timing of the purchases and the amount of stock purchased will be determined at the discretion of the company’s management and may include purchases through one or more broker-assisted plans (including 10b5-1 and/or 10b-18 plans). The repurchase authorization expires Dec. 31, 2012.
Corpus Christi, Texas-based Susser Holdings Corp. operates approximately 530 convenience stores in Texas, New Mexico and Oklahoma primarily under the Stripes banner.