POMONA, Calif., March 30, 1999 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (NASDAQ: KEYS) today announced that it has completed the repurchase of one million shares of common stock at an average share purchase price of $18.68, pursuant to a buyback program initiated in November 1998. Keystone now has approximately 16.9 million shares outstanding.
The company also announced that its board of directors has authorized another stock buyback program of up to an additional one million shares in the open market, depending on market conditions and other factors.
Charles Hogarty, president and chief executive officer, said, "We continue to believe that the financial community has severely undervalued Keystone's shares. The share repurchase programs reflect our confidence in Keystone's prospects."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 105 distribution facilities, of which 19 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.
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The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the impact on the Company of (i) an unfavorable article on aftermarket collision parts in Consumer Reports, (ii) the implementation of a new comprehensive enterprise software package for accounting, distribution and inventory planning and year 2000 compliance, (iii) the results of a pending class action law suit against State Farm Mutual Automobile Insurance Company, and (iv) the Company's ability to find suitable acquisition candidates and acquire entities on terms favorable to the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the ongoing risks and uncertainties of the Company's business, see the Company's filings with the Securities and Exchange Commission.