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CDW Computer Centers Announces Share Repurchase Program
Vernon Hills, Illinois, September 1, 1998—CDW Computer Centers, Inc. (Nasdaq: CDWC) today announced that its Board of Directors has authorized the repurchase of up to 1 million shares of its common stock, slightly under 5% of its total outstanding shares, in open market transactions. The repurchase program will begin promptly and is expected to remain effective for approximately twelve months, unless sooner terminated by the Board of Directors. The Company intends to hold the repurchased shares in treasury for general corporate purposes, including issuances under various employee stock option plans.
"We believe that the current valuation of CDW's stock represents an attractive investment opportunity for the Company," said Michael Krasny, chairman and chief executive officer. "The share repurchase program expresses our confidence in the Company's growth opportunities that are created by providing outstanding customer service, and underscores management's commitment to enhance long-term shareholder value."
The statements concerning the Company's current valuation and growth opportunities are forward-looking statements that involve certain risks and uncertainties that could cause such statements to be inaccurate. Such risks and uncertainties include the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, continuation of key vendor relationships and support programs and the ability of the Company to hire, train and retain qualified account managers.
About CDW
A Fortune 1000 company, CDW is one of the country's largest and fastest growing direct marketers of brand name microcomputer products. The No. 1 authorized direct marketing source for Compaq, IBM, Microsoft and Toshiba, CDW offers more than 30,000 brand name microcomputer products to business, government, and educational, institutional and home office users in the United States. CDW provides technical support and customer service, with more than 50 factory-trained and certified technicians, same day shipping and more than 2,500 custom configurations each week. CDW has more than 1,400 coworkers whose efforts resulted in net sales for the trailing twelve months ended June 30, 1998 that exceeded $1.4 billion.
Additional information can be found by visiting CDW.com.
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