Superior Industries International, Inc. (NYSE:SUP) today
announced that its board of directors has approved a stock repurchase
program that authorizes the repurchase of up to $30 million of the
company’s common stock.
Under the repurchase program, Superior may repurchase common stock from
time to time on the open market or in private transactions. The company
expects to fund the repurchases through available cash, although credit
options are being evaluated in the context of total capital needs. The
timing and extent of the repurchases will depend upon market conditions
and other corporate considerations at the company’s sole discretion.
Superior currently has approximately 27.3 million shares of common stock
outstanding and had $207 million of cash, cash equivalents and
short-term investments at the end of fiscal year 2012.
“The board’s action follows our recent announcement to invest
approximately $125 million to $135 million to construct and equip a new
manufacturing facility in Mexico to expand capacity and meet anticipated
growth in product demand,” said Steven J. Borick, Chairman, Chief
Executive Officer and President. “Authorization of the stock repurchase
program reflects the board’s and management’s confidence in the
company’s fundamentals and its long-term future, along with our
commitment to enhancing shareholder value.”
About Superior Industries
Superior is the largest manufacturer of aluminum wheels for passenger
cars and light-duty vehicles in North America. From its five plants in
both the U.S. and Mexico, the company supplies aluminum wheels to the
original equipment market. Major customers include Ford, General Motors,
Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen. For
more information, visit www.supind.com.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements, which include, but are not limited
to, anticipated growth in product demand and the company’s plans to
purchase up to $30 million of its common stock, are based on current
expectations, estimates and projections about the company's business
based, in part, on assumptions made by management. These statements are
not guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements due to numerous factors
and risks discussed from time to time in the company's Securities and
Exchange Commission filings and reports, including the company's Annual
Report on Form 10-K for the fiscal year ended December 30, 2012. These
factors and risks relate to items including, but not limited to,
fluctuations in the market price and trading volume for our common
stock, general automotive industry and market conditions and growth
rates, as well as general domestic and international economic
conditions. Such forward-looking statements speak only as of the date on
which they are made and the company does not undertake any obligation to
update any forward-looking statement to reflect events or circumstances
after the date of this release.
