Cintas Corporation (Nasdaq:CTAS) announced that the Board of
Directors approved an additional share repurchase program under which
the Company may repurchase up to $500 million of Cintas common stock at
market prices. The number of shares to be repurchased and the timing of
the purchases will be determined at the discretion of the Board, and
repurchases may be discontinued at any time.
As of July 30, 2013, the Company has $151.1 million available under its
existing share buyback program that was authorized in October 2011.
Since the Board authorized that $500 million program, the Company has
purchased 8.6 million shares of Cintas stock at an average price of
$40.43 for a total of $348.9 million. This program does not have an
expiration date and will continue to be executed at the discretion of
the Board. Collectively, as of July 30, 2013, Cintas has $651.1 million
available under the programs.
About Cintas
Headquartered in
Cincinnati, Cintas Corporation provides highly specialized services to
businesses of all types primarily throughout North America. Cintas
designs, manufactures and implements corporate identity uniform
programs, and provides entrance mats, restroom supplies, promotional
products, first aid, safety, fire protection products and services and
document management services for over one million businesses. Cintas is
a publicly held company traded over the Nasdaq Global Select Market
under the symbol CTAS and is a component of the Standard & Poor’s 500
Index.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
The Private
Securities Litigation Reform Act of 1995 provides a safe harbor from
civil litigation for forward-looking statements. Forward-looking
statements may be identified by words such as “estimates,”
“anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,”
“target,” “forecast,” “believes,” “seeks,” “could,” “should,” “may” and
“will” or the negative versions thereof and similar words, terms and
expressions and by the context in which they are used. Such
statements are based upon current expectations of Cintas and speak only
as of the date made. You should not place undue reliance on any
forward-looking statement. We cannot guarantee that any
forward-looking statement will be realized. These statements are
subject to various risks, uncertainties, potentially inaccurate
assumptions and other factors that could cause actual results to differ
from those set forth in or implied by this Press Release. Factors
that might cause such a difference include, but are not limited to, the
possibility of greater than anticipated operating costs including energy
and fuel costs, lower sales volumes, loss of customers due to
outsourcing trends, the performance and costs of integration of
acquisitions, fluctuations in costs of materials and labor including
increased medical costs, costs and possible effects of union organizing
activities, failure to comply with government regulations concerning
employment discrimination, employee pay and benefits and employee health
and safety, uncertainties regarding any existing or newly-discovered
expenses and liabilities related to environmental compliance and
remediation, the cost, results and ongoing assessment of internal
controls for financial reporting required by the Sarbanes-Oxley Act of
2002, disruptions caused by the inaccessibility of computer systems
data, the initiation or outcome of litigation, investigations or other
proceedings, higher assumed sourcing or distribution costs of products,
the disruption of operations from catastrophic or extraordinary events,
the amount and timing of repurchases of our common stock, if any,
changes in federal and state tax and labor laws, the reactions of
competitors in terms of price and service, the ultimate impact of the
Affordable Care Act and the timing and amount of any repurchases of
common stock. Cintas undertakes no obligation to publicly release
any revisions to any forward-looking statements or to otherwise update
any forward-looking statements whether as a result of new information or
to reflect events, circumstances or any other unanticipated developments
arising after the date on which such statements are made. A
further list and description of risks, uncertainties and other matters
can be found in our Annual Report on Form 10-K for the year ended May
31, 2013 and in our reports on Forms 10-Q and 8-K. The risks and
uncertainties described herein are not the only ones we may face.
Additional risks and uncertainties presently not known to us or that we
currently believe to be immaterial may also harm our business.
Copyright Business Wire 2013