SAN DIEGO, Oct. 12 /PRNewswire/ -- Advanced Marketing Services, Inc.
(Nasdaq: ADMS), a leading distributor of books and related materials to
membership warehouse clubs and other specialty retailers in the U.S., Canada,
Mexico, and the U.K., today announced that the Board of Directors has
authorized management to repurchase up to 200,000 shares of common stock in
open market transactions, from time to time, based on then-existing market
conditions.
Michael M. Nicita, President and Chief Executive Officer, said, "This
repurchase program reflects our commitment to continue to maximize stockholder
value. Not only do we believe that our stock represents a compelling
investment at current levels, but by repurchasing stock from the market, we
will counteract an increase in outstanding shares caused by the exercise of
options."
The repurchase program, which does not have a specified duration, will be
financed from the Company's internal funds. Timing of the repurchases and the
number of shares repurchased will depend on market conditions and various
other factors. As of September 30, 1999, ADMS had approximately 8.6 million
shares outstanding.
Additional information may be obtained via the Internet at the Company's
Web Site ( http://www.advmkt.com ).
Forward-looking statements in this news release are made under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Certain important factors could cause results to differ materially from those
anticipated by the forward-looking statements, including the impact of changed
economic or business conditions, the impact of competition, the success of
existing and new book releases, continuation of favorable trends associated
with the Company's VMI program, other risk factors inherent in the publishing
and retailing industries, and other factors discussed from time to time in
reports filed by the Company with the Securities and Exchange Commission.
SOURCE Advanced Marketing Services, Inc.
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Related links:
http://www.advmkt.com
CONTACT:
Susan Fonss, Director of Investor Relations,
858-457-2500, for Advanced Marketing Services, Inc.
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