Albertson’s, Inc. (NYSE:ABS), Board of Directors has reaffirmed the $500 million stock purchase program authorized on April 25, 2000. The stock purchase program authorizes, but does not require, the Company to purchase and retire up to $500 million of the Company’s common stock during the period beginning April 25, 2000, and ending April 30, 2001. The timing and quantity of such purchases, if made, are at management’s discretion. Since the announcement of the program, the Company has purchased a total of 4,093,000 shares of common stock at a total cost of $121 million.
“In addition to laying the groundwork for a successful future — through focused sales initiatives and cost reduction programs — the Company also consistently generates strong cash flows. We use this cash flow to enhance current markets and stores, but we also feel buying our stock is a great investment for the Company,” said Gary Michael, chairman and chief executive officer of Albertson’s. “Our stock purchase program gives us an opportunity to purchase shares at a time when the current stock price, in our opinion, does not reflect the true value of this profitable Company.”
Albertson’s, Inc., is one of the largest retail food and drug chains in the United States. Based in Boise, Idaho, the Company currently operates over 2,500 retail stores in 36 states across the United States.
The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause actual results to differ from those set forth in the forward-looking information can be found in the Company’s filings with the Securities and Exchange Commission, including the Company’s Form 10-Q.
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