U.S. Auto Parts Network (PRTS) Approves $5M Stock Buyback Plan, Extends Credit Agreement
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U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) announced that its board of directors has approved the repurchase of up to an aggregate of $5,000,000 of the company's common stock. The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, or in such other manner as determined by U.S. Auto Parts Network, including through plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934.
"We believe that the repurchase program is a great investment, a wise utilization of our strong cash flow, and underscores our constant commitment to enhancing stockholder value," said Shane Evangelist, Chief Executive Officer of U.S. Auto Parts.
The repurchase program is expected to continue through March 4, 2017 unless extended or shortened by the board of directors.
In addition, U.S. Auto Parts has amended its credit agreement with JPMorgan Chase to, among other things, extend the term of the agreement for an additional three years through April 26, 2020.
U.S. Auto Parts CFO Neil Watanabe commented: "This extension speaks to the confidence our commercial banking partner has in our organization. We look forward to continuing our partnership with JPMorgan Chase as they provide us with the flexibility to support our growing business."
Additional details regarding U.S. Auto Parts' amended credit agreement can be found on the Form 8-K filed today with the Securities and Exchange Commission.
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