CORPUS CHRISTI, Texas -- "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 chief executive officer of Susser Holdings Corp. as the company announced that its board of directors has authorized the repurchase of up to $15 million of its common stock.
"These opportunistic share purchases will allow us to directly leverage a portion of our cash flow to enhance shareholder value," said Susser.
He added, "This announcement reflects the board's continued confidence [image-nocss] 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."
The share purchases may be made from time to time in open market transactions or privately negotiated transactions, as market conditions warrant.
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 December 31, 2012.
Corpus Christi, Texas-based Susser Holdings is a third-generation family led business that operates approximately 530 convenience stores in Texas, New Mexico and Oklahoma primarily under the Stripes banner. Restaurant service is available in more than 315 of its stores, primarily under the proprietary Laredo Taco Co. brand. The company also supplies branded motor fuel to approximately 435 independent dealers through its wholesale fuel division.
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