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2012 revenues of $3.1 billion; up 20% compared to 2011
Annual diluted EPS record of $1.57, up 11% over prior year
Company announces $40 million stock repurchase program
Record annual absorption rate of 116%
SAN ANTONIO, Texas, Feb. 12, 2013 (GLOBE NEWSWIRE) --Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today reported record annual revenues of $3.1 billion compared to $2.6 billion in 2011 and net income of $62.5 million, or $1.57 per diluted share, up 11% over the previous year. The Company also announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase, from time to time in the next year, up to an aggregate of $40.0 million of its shares of Class A common stock, $.01 par value per share, and/or Class B common stock, $.01 par value per share.
"We are extremely proud of our record financial performance," said W. M. "Rusty" Rush, Chief Executive Officer and President of Rush Enterprises, Inc. "In addition to achieving record revenue and net income in 2012, we also realized a 116% annual absorption rate, a 30% increase in medium-duty truck sales and we expanded our Rush Truck Centers network footprint to include 78 dealership locations," added Rusty Rush.
"We continue to transition the Company into the leading provider of solutions to the commercial vehicle industry – implementing our growth strategy to expand our portfolio of aftermarket services, broadening the diversity of our commercial vehicle product offerings and extending our network of service points across the United States," Rusty Rush commented.
"The Company ended the year with $199 million in cash and cash equivalents, in excellent financial position to implement our long-term strategic growth initiatives," explained Rusty Rush. ""We believe that the purchase of our common stock represents an attractive opportunity to benefit the long-term interests of the Company and its shareholders. The stock repurchase program reflects confidence in our ability to achieve future growth initiatives while returning capital to our shareholders," he said. Repurchases will be made at times and in amounts as the Company deems appropriate and will be made through open market transactions, privately negotiated transactions and other lawful means at the Company's discretion. The manner, timing and amount of any repurchases will be determined by the Company based on an evaluation of market conditions, stock price and other factors, including those related to the ownership requirements of its dealership agreements with Peterbilt. The stock repurchase program expires on February 11, 2014, and may be suspended or discontinued at any time. While the stock repurchase program does not obligate the Company to acquire any particular amount or class of common stock, the Company anticipates that it will be repurchasing primarily shares of its Class B common stock.