Family Dollar's BOD approves to purchase common stock

20 Aug '05
2 min read

Leading departmental chain store Family Dollar Stores Inc announced the Company's Board of Directors has authorized the Company to purchase from time to time, as market conditions warrant, an additional $300 million of the Company's Common Stock. The purchases could be made in the open market, in private transactions, or otherwise. The Company intends to finance the stock repurchase with a combination of cash from operations and borrowings.

"They continue to believe that our stock is an attractive investment and company share repurchase program builds value for shareholders," said Howard Levine, Chairman and CEO.

This authorization continues the Company's share repurchase program that began in October 2002. During the current fiscal year ending August 27, 2005, the Company has purchased in the open market 3.3 million shares of the Company's Common Stock at a cost of $92.0 million, leaving 3.9 million shares authorized to be purchased under previous authorizations. Using the closing price of $21.29 on August 18, 2005, the Company could purchase up to approximately 18 million additional shares of Common Stock. The Company expects to begin such purchases in October 2005.

Family Dollar has provided value-conscious consumers with competitive prices at neighborhood stores for over 45 years. With over 5,800 stores in a 44-state area ranging as far northwest as Idaho, northeast to Maine, southeastto Florida, and southwest to Arizona, Family Dollar is one of the fastest growing discount store chains in the United States.

Family Dollar has provided value-conscious consumers with competitive prices at neighborhood stores for over forty-five years. Offering a consistent selection of name-brand and good quality merchandise in an attractive and convenient shopping environment, the Company is focused on continuing to meet the needs of shoppers looking for excellent value.

Family Dollar Stores Inc

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