Alaska Air Group Announces Stock Repurchase Program
June 11 2009 - 8:43PM
PR Newswire (US)
SEATTLE, June 11 /PRNewswire-FirstCall/ -- Alaska Air Group, Inc.
(NYSE: ALK) today announced that its board of directors approved a
stock repurchase program authorizing the company to buy up to $50
million of its common stock. "This program allows us to enhance
shareholder value through the repurchase of outstanding shares
while preserving our strong cash balance," said Bill Ayer, the
company's chairman and chief executive officer. "Even after the
repurchase, Air Group will continue to have the best liquidity
position among major U.S. airlines. Today's decision is consistent
with the company's practice of repurchasing shares
opportunistically and underscores our commitment to provide a
reasonable return to investors." Alaska intends to finance the
repurchases with cash on hand. The repurchase program authorizes
the company to purchase its common stock from time to time through
open market purchases, negotiated transactions or other means,
including accelerated share repurchases and 10b5-1 trading plans in
accordance with applicable securities laws. In 2007 and 2008,
Alaska Air Group repurchased nearly $112 million of its common
stock. This news release contains forward-looking statements that
are intended to be subject to the safe harbor protection provided
by Section 27A of the Securities Act of 1933, as amended, Section
21E of the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. These statements
relate to future events or our future financial performance and
involve known and unknown risks and uncertainties that may cause
our actual results or performance to be materially different from
those indicated by any forward-looking statements. These
forward-looking statements include the statements concerning our
confidence in the company's future business prospects and financial
position, our belief that the repurchase program will allow us to
enhance shareholder value while providing flexibility to continue
investing in long-term strategic opportunities, and our intent to
finance the repurchases with cash on hand. For a comprehensive
discussion of potential risk factors, see Item 1A of the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2008. Some
of these risks include increased competition, significant fuel
costs, general economic conditions, labor costs and relations, our
significant indebtedness, inability to meet cost reduction goals,
terrorist attacks, seasonal fluctuations in our financial results,
an aircraft accident, laws and regulations, and government fees and
taxes. All of the forward-looking statements are qualified in their
entirety by reference to the risk factors discussed therein. These
risk factors may not be exhaustive. We operate in a continually
changing business environment, and new risk factors emerge from
time to time. Management cannot predict such new risk factors, nor
can it assess the impact, if any, of such new risk factors on our
business or events described in any forward-looking statements. We
disclaim any obligation to publicly update or revise any
forward-looking statements after the date of this news release to
conform them to actual results. Over time, our actual results,
performance or achievements will likely differ from the anticipated
results, performance or achievements that are expressed or implied
by our forward-looking statements, and such differences might be
significant and materially adverse. Alaska Airlines and Horizon
Air, subsidiaries of Alaska Air Group (NYSE: ALK), together serve
more than 90 cities through an expansive network in Alaska, the
Lower 48, Hawaii, Canada and Mexico. For reservations, visit
alaskaair.com. For more news and information, visit the Alaska
Airlines/Horizon Air Newsroom at alaskaair.com/newsroom.
DATASOURCE: Alaska Air Group, Inc. CONTACT: media, Bobbie Egan,
Media Relations Manager, +1-206-392-5134, or investor/analyst,
Shannon Alberts, Managing Director of Investor Relations,
+1-206-392-5218, both of Alaska Air Group, Inc. Web Site:
http://alaskaair.com/
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