PHOENIX — The board of directors for CSK Auto Corp., parent company of CSK Auto, Inc., has authorized a share repurchase program of up to $25 million. The program will be in effect until December 2005.
According to Maynard Jenkins, chairman and CEO of CSK Auto, the repurchase program is a reflection of the board’s confidence in the company’s financial strength and represents a highly effective use of the company’s cash.
The company may buy shares in the open market or in privately negotiated transactions and will base its decisions on whether to repurchase shares and the timing of any such repurchases on factors including the stock price, the company’s cash and debt levels, and general economic and market conditions. Shares of stock repurchased under the plan will be retired and returned to the status of authorized and unissued shares.
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