Monro Muffler Brake Inc.'s board of directors has authorized the company to repurchase an additional $30 million in common stock over the next 12 months.
The share repurchase program is in addition to the $30 million program authorized by the board in January 2007. As of Nov. 8, 2007, the company had repurchased 1,318,556 shares at the weighted average price of $22.76. As of Oct. 27, 2007, per its Form 10Q, the company had 20,120,592 common shares outstanding.
The purchases may be made from time to time in the open market or through privately negotiated transactions at management's discretion, depending on market conditions and other factors, in accordance with Securities and Exchange Commission requirements.
The repurchase program is an important tool in maximizing shareholder return, according to CEO and President Robert Gross. "We remain steadfastly committed to the creation of value for our shareholders and are glad to retain the flexibility to be strategic and opportunistic with our capital."
