Mar. 20th, 2018
Board of Directors Authorizes Share Repurchase Program; $50.0 Million
Authorized for Repurchase Over the Next 24 Months
MILWAUKEE--(BUSINESS WIRE)--
REV Group, Inc. (NYSE: REVG), today announced that its Board of
Directors has approved the authorization of a share repurchase program.
The authorization allows the repurchase of up to $50.0 million of the
Company’s outstanding common stock, effective immediately. The
repurchase authorization expires in 24 months and gives management the
flexibility to determine conditions under which shares may be purchased.
“The Board’s share repurchase authorization reflects confidence in our
Company’s long-term performance and position in our marketplace, as well
as our commitment to returning value to shareholders,” said Tim
Sullivan, REV Group President and CEO. “This repurchase authorization
allows us the flexibility to opportunistically acquire shares when
attractive opportunities arise, and we believe our current share price
represents a compelling investment opportunity and prudent use of
existing liquidity. We will remain committed to a disciplined capital
deployment strategy to drive value for our shareholders through
strategic acquisitions, dividends and share repurchases.”
The Company’s share repurchase authorization permits the Company to
purchase shares through a variety of methods, including in the open
market or through privately negotiated transactions, in accordance with
applicable securities laws. It does not obligate the corporation to make
any repurchases at any specific time or situation. The timing and extent
to which the Company repurchases its shares will depend upon, among
other things, market conditions, liquidity targets, the Company’s debt
obligations, and regulatory requirements. The program does not obligate
the Company to repurchase any set dollar amount or number of shares and
may be modified, suspended, or terminated at any time without prior
notice. The authorization will be funded using the Company’s existing
cash, cash equivalents, marketable securities, and future cash flows, or
through the incurrence of short- or long-term indebtedness, at
management’s discretion.
About Rev Group
REV (NYSE: REVG) is a leading designer, manufacturer and distributor of
specialty vehicles and related aftermarket parts and services. We serve
a diversified customer base primarily in the United States through three
segments: Fire & Emergency, Commercial and Recreation. We provide
customized vehicle solutions for applications including: essential needs
(ambulances, fire apparatus, school buses, mobility vans and municipal
transit buses), industrial and commercial (terminal trucks, cut-away
buses and street sweepers) and consumer leisure (recreational vehicles
(“RVs”) and luxury buses). Our brand portfolio consists of 30
well-established principal vehicle brands including many of the most
recognizable names within our served markets. Several of our brands
pioneered their specialty vehicle product categories and date back more
than 50 years.
Forward Looking Statements
This news release contains statements that the Company believes to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. This news release includes
statements that express our opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or future
results and therefore are, or may be deemed to be, “forward-looking
statements.” These forward-looking statements can generally be
identified by the use of forward-looking terminology, including the
terms “believes,” “estimates,” “anticipates,” “expects,” “strives,”
“goal,” “seeks,” “projects,” “intends,” “forecasts,” “plans,” “may,”
“will” or “should” or, in each case, their negative or other variations
or comparable terminology. They appear in a number of places throughout
this news release and include statements regarding our intentions,
beliefs, goals or current expectations concerning, among other things,
our results of operations, financial condition, liquidity, prospects,
growth, strategies and the industries in which we operate.
Our forward-looking statements are subject to risks and uncertainties,
including those highlighted under “Risk Factors” and “Cautionary
Statement on Forward-Looking Statements” in the Company’s annual report
on Form 10-K, which may cause actual results to differ materially from
those projected or implied by the forward-looking statement.
Forward-looking statements are based on current expectations and
assumptions and currently available data and are neither predictions nor
guarantees of future events or performance. You should not place undue
reliance on forward-looking statements, which only speak as of the date
hereof. The Company does not undertake to update or revise any
forward-looking statements after they are made, whether as a result of
new information, future events, or otherwise, expect as required by
applicable law. Investors-REVG
View source version on businesswire.com: https://www.businesswire.com/news/home/20180320006127/en/
REV Group
Sandy Bugbee, 1-888-738-4037 (1-888-REVG-037)
VP,
Treasurer and Investor Relations
[email protected]
Source: REV Group, Inc.
