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| Advanced Marketing Services, Inc. Announces Stock Repurchase Program |
Board of Directors Approves Additional 325,000 Share Repurchase
SAN DIEGO, Feb. 3 /PRNewswire-FirstCall/ -- Advanced Marketing Services,
Inc. (NYSE: MKT), a leading global provider of customized services to book
retailers and publishers, announced today that its Board of Directors has
authorized the repurchase of up to an additional 325,000 shares of its common
stock in open market transactions or otherwise from time to time, based on
then-existing conditions.
The Company has 175,000 shares remaining from its previously announced
stock buy-back authorization announced May 25, 2001. This brings the total
amount of authorized shares of common stock remaining for repurchase to
500,000 shares. AMS has repurchased 1,675,000 shares of common stock in the
past under similar stock repurchase programs.
"This repurchase program reflects our positive outlook for continued
growth and our continued commitment to maximize stockholder value," commented
Michael M. Nicita, President and Chief Executive Officer.
The Company currently intends to finance the repurchase program, which
does not have a specified duration, from internal funds, just as it has in
past years. Timing of the repurchases and the number of shares repurchased
will depend on market conditions and various other factors. As of
December 28, 2002, AMS had approximately 19.1 million shares of common stock
outstanding.
ABOUT ADVANCED MARKETING SERVICES
Headquartered in San Diego, Calif., Advanced Marketing Services (AMS) is a
leading global provider of customized wholesaling, distribution and custom
publishing services to the book industry. The Company provides a full range
of value-added services that provide AMS customers with book buying advice and
expert supply chain management, including advertising and promotional support,
to ensure the success of their book programs. Publishers Group West (PGW),
established in 1976 and based in Berkeley, California, was acquired in January
2002 by AMS, and is the largest exclusive distributor of independent
publishers in North America. PGW represents more than 150 independent
publishers, who together are publishing some of the most topical, innovative,
literary and award-winning books available today. AMS's proprietary Vendor
Managed Inventory (VMI) software is a unique tool that allows its book
specialists to efficiently and effectively manage global book distribution
systems for the benefit of its warehouse clubs and book store customers. AMS
has extensive operations in the U.S., Canada, Mexico, Singapore, the United
Kingdom and Australia and employs approximately 1,100 people worldwide.
Recent press releases on Advanced Marketing Services, Inc. are available
on both the Company's Website, http://www.advmkt.com, and on PR Newswire,
http://www.prnewswire.com.
Forward-looking statements in this news release are made under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact are forward-looking
statements that involve risks and uncertainties. Certain important factors
could cause results to differ materially from those anticipated by the
forward-looking statements including factors discussed from time to time in
reports filed by the Company with the Securities and Exchange Commission.
For further information please contact: investor relations, Chuck
Williams, Director of Investor Relations of Advanced Marketing Services, Inc.,
+1-858-450-3545, chuckw@advmkt.com, or media, Greg McQuerter or Tina Wilmott,
twilmott@mcquerter.com, both of The McQuerter Group, +1-858-450-0030, ext.
140, for Advanced Marketing Services, Inc.
SOURCE Advanced Marketing Services, Inc.
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CONTACT:
investor relations, Chuck Williams, Director
of Investor Relations of Advanced Marketing Services, Inc.,
+1-858-450-3545, chuckw@advmkt.com, or media, Greg McQuerter or
Tina Wilmott, twilmott@mcquerter.com, both of The McQuerter
Group, +1-858-450-0030, ext. 140, for Advanced Marketing
Services, Inc.
