Aaron’s Announces New $500 Million Share Repurchase Program
Aaron’s, Inc. announced that the company’s board of directors has approved a new share repurchase program authorizing management to repurchase up to $500 million of the company’s outstanding common stock. In light of the new repurchase program, the company has discontinued its previous share repurchase program.
“In 2017, we generated record sales and earnings and strengthened our balance sheet by reducing our debt $135 million,” says Aaron’s Chief Executive Officer John Robinson. “We also increased our dividend for the fifteenth consecutive year and repurchased nearly two million shares of stock. The decision to authorize the new repurchase program is part of our capital allocation strategy, which reflects our expectation for strong cash flow generation over the next few years.”
Under the new repurchase program, the company may repurchase shares from time to time on the open market or through privately negotiated transactions. Repurchases of shares may be made under a Rule 10b5-1 plan, which would permit repurchases when the company might otherwise be precluded from doing so under insider trading laws. The extent to which the company repurchases its shares and the timing of such purchases will depend upon market conditions and other corporate considerations, as determined by the company’s management. The company is not obligated to acquire any particular number of shares and the program may be suspended or discontinued at any time.
For more information about Aaron’s Inc., visit http://investor.aarons.com/.