Avis Budget Group, Inc.
CAR today announced that it has repurchased approximately $135
million of stock under its current stock repurchase program. The program was
first announced in August 2013 and authorized an initial maximum amount of
$200 million. Today, the Company's Board of Directors has authorized an
increase to the amount remaining for future repurchases under the program from
the approximately $65 million remaining to $300 million.
"The increase in our share repurchase authorization reflects the continued
confidence we have in our business and our prospects," said Ronald L. Nelson,
Avis Budget Group Chairman and Chief Executive Officer. "We have reduced our
diluted share count by more than 20 million shares as a result of our
convertible debt repurchases and share repurchases since 2012, and we remain
committed to delivering value to our shareholders, while maintaining a prudent
capital structure and flexibility to execute on our strategic initiatives."
Under the stock repurchase program, the Company repurchases shares from time
to time in open market transactions, and may also repurchase shares in
accelerated stock buyback programs, tender offers, privately negotiated
transactions or by other means. Repurchases may also be made under a Rule
10b5-1 plan. The timing and amount of repurchase transactions will be
determined by the Company's management based on its evaluation of market
conditions, share price, legal requirements and other factors. The program may
be suspended, modified or discontinued at any time without prior notice.
Avis Budget Group is scheduled to report its first quarter 2014 results on
Wednesday, May 7.
About Avis Budget Group, Inc.
Avis Budget Group, Inc. is a leading global provider of vehicle rental
services, both through its Avis and Budget brands, which have more than 10,000
rental locations in approximately 175 countries around the world, and through
its Zipcar brand, which is the world's leading car sharing network, with more
than 860,000 members. Avis Budget Group operates most of its car rental
offices in North America, Europe and Australia directly, and operates
primarily through licensees in other parts of the world. Avis Budget Group has
approximately 29,000 employees and is headquartered in Parsippany, N.J. More
information is available at www.avisbudgetgroup.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Statements preceded by, followed by or that
otherwise include the words "believes," "expects," "anticipates," "intends,"
"projects," "estimates," "plans," "may increase," "may fluctuate," "will,"
"should," "would," "may" and "could" or similar words or expressions are
generally forward-looking in nature and not historical facts. Any statements
that refer to outlook, expectations or other characterizations of future
events, circumstances or results, including all statements related to future
results, expectations or timing and amount of future stock repurchases are
also forward-looking statements. Important risks, assumptions and other
important factors that could cause future results to differ materially from
those expressed in the forward-looking statements are specified in Avis Budget
Group's Annual Report on Form 10-K for the year ended December 31, 2013,
including under headings such as "Forward-Looking Statements", "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition and Results
of Operations" and in other filings and furnishings made by the Company with
the Securities and Exchange Commission from time to time. The Company
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the occurrence of
unanticipated events.
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