Monday November 1, 8:04 am Eastern Time
Company Press Release
SOURCE: Cheap Tickets, Inc.
Cheap Tickets Announces Share Repurchase Plan
HONOLULU, Nov. 1 /PRNewswire/ -- Cheap Tickets, Inc. (Nasdaq: CTIX - news) today announced that its Board of Directors has authorized the repurchase of up to $20 million of the Company's outstanding common shares from time to time through periodic open market transactions. The Company intends to purchase shares under the program in the open market from time to time depending on market conditions. However, there can be no assurances that the Company will, in fact, repurchase any shares. The Company intends to fund the purchases through available cash resources and marketable securities. On October 29, 1999, Cheap Tickets had 24,018,591 shares outstanding.
Michael J. Hartley, Chairman of the Board, said, ''The Board of Directors believes that Cheap Tickets' financial condition and outlook, and current market conditions, including the recent prices of the shares, make this an attractive time to repurchase a portion of the outstanding shares.'' The stock closed Friday, October 29, at $16 per share.
Founded in 1986, Cheap Tickets, Inc. is leading retail sellers of discount tickets for leisure air travel. Offering more than 400,000 non-published discount airfares on more than 35 air carriers, Cheap Tickets sells directly to consumers through its toll-free number, 1-800-OKCHEAP, its Internet site, www.cheaptickets.com, and its 12 retail stores. For more information on Cheap Tickets, Inc., please call 1-800-PRO-INFO (U.S.) or, at no cost, 908-544-2850 (Int'l), ticker symbol CTIX
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