INGLES MARKETS, INCORPORATED BOARD AUTHORIZES FOUR MILLION SHARE REPURCHASE PROGRAM
Ingles Markets, Incorporated (NASDAQ: IMKTA) announced today that its Board of Directors authorized the repurchase of up to four million shares of its Class A and Class B Common Stock. Ingles Markets had approximately 13.0 million Class A shares outstanding and 11.3 million Class B shares outstanding as of June 25, 2013.
“The stock repurchase authorization highlights our confidence in Ingles’ business and our outlook for continued growth,” stated Robert P. Ingle II, chief executive officer. “We believe the stock repurchase program is a solid investment for our shareholders and provides us with the opportunity to leverage our strong financial position to improve our earnings per share.”
The share repurchase program may be carried out through open market purchases, block trades, purchases from the Company’s investment/profit sharing plan and in negotiated private transactions. Any shares repurchased from directors or officers of the Company, or any of their respective affiliates (other than the Company’s investment/profit sharing plan) shall be approved by the Audit Committee in accordance with the Company’s Related Party Transaction policy. The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued at any time. The Company plans to use existing cash, cash flow from operations and other financing sources to fund the repurchase program.
The Company’s Class A shares are traded publicly on the NASDAQ Stock Market’s Global Select Market under the symbol IMKTA. Class B shares are not publicly traded and are held primarily by insiders and the Company’s investment/profit sharing plan. The Class B shares are valued on a one-to-one basis with the Company’s