CAI International, Inc. Announces the Authorization of Three Million Share Repurchase Program
October 08 2018 - 8:00AM
Business Wire
CAI International, Inc. (CAI) (NYSE: CAI), one of the world’s
leading transportation finance and logistics companies, today
announced that its Board of Directors has approved a stock
repurchase program (the “Program”). Under the Program, CAI is
authorized to repurchase up to three million shares of its
outstanding common stock from time to time and at prices considered
appropriate by the company depending upon share price and
prevailing economic and market conditions. The stock repurchases
may be made in the open market, block trades or privately
negotiated transactions. The primary purpose of the Program is to
allow CAI the flexibility to repurchase its common stock to return
value to stockholders. The number of shares of common stock
actually repurchased, if any, by CAI will depend on subsequent
developments, corporate needs and market conditions. The Program
replaces any available prior share repurchase authorization and may
be discontinued at any time.
"This stock repurchase authorization reaffirms our commitment to
increase stockholder value and our confidence in the outlook and
financial strength of the company,” said Victor Garcia, CAI's
President and Chief Executive Officer. “Our business continues to
generate healthy cash flow under multi-year long term leases which
allows us to repurchase our outstanding stock and continue
investing in the business."
About CAI International, Inc.
CAI is one of the world’s leading transportation finance and
logistics companies. As of June 30, 2018, CAI operated a
worldwide fleet of approximately 1.4 million CEUs of containers,
and owned a fleet of 7,430 railcars that it leases
within North America. CAI operates through 24 offices located
in 14 countries including the United States
Forward-Looking Statements
This press release contains forward-looking statements regarding
future events and the future performance of CAI, including, but not
limited to, statements regarding the share repurchase
authorization, and CAI’s continued growth and cash generation
prospects. These statements and others herein are forward-looking
statements within the meaning of the safe harbor provisions of
Section 21E of the Securities Exchange Act of 1934 and involve
risks and uncertainties that could cause actual results of
operations and other performance measures to differ materially from
current expectations. CAI refers you to the documents that it has
filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2017,
its Quarterly Reports on Form 10-Q and its Current Reports on Form
8-K. These documents contain important factors that could cause
actual results to differ from current expectations and from
forward-looking statements contained in this press release.
Furthermore, CAI is under no obligation to (and expressly disclaims
any such obligation to) update or alter any of the forward-looking
statements contained in this press release whether as a result of
new information, future events or otherwise, unless required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20181008005162/en/
CAI International, Inc.Tim Page, 415-788-0100Chief Financial
Officertpage@capps.com
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