Pep Boys 2009 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2009 Pep Boys annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 164

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164

PART II
ITEM 5 MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The common stock of The Pep Boys—Manny, Moe & Jack is listed on the New York Stock
Exchange under the symbol ‘‘PBY.’’ There were 4,998 registered shareholders as of April 2, 2010. The
following table sets forth for the periods listed, the high and low sale prices and the cash dividends
paid on the Company’s common stock.
MARKET PRICE PER SHARE
Market Price Per Share Cash Dividends
High Low Per Share
Fiscal 2009
Fourth quarter ........................ $ 9.29 $7.76 $0.0300
Third quarter ......................... 10.69 8.40 0.0300
Second quarter ........................ 10.83 5.87 0.0300
First quarter .......................... 8.52 2.76 0.0300
Fiscal 2008
Fourth quarter ........................ $ 5.31 $2.62 $0.0675
Third quarter ......................... 9.49 3.00 0.0675
Second quarter ........................ 10.36 6.40 0.0675
First quarter .......................... 12.56 8.59 0.0675
On September 7, 2006, the Company renewed its share repurchase program and reset the authority
back to $100,000,000 for repurchases to be made from time to time in the open market or in privately
negotiated transactions. During the first quarter of fiscal 2007, the Company repurchased 2,702,460
shares of Common Stock for $50,841,000. The Company also disbursed during the first quarter of fiscal
2007, $7,311,000 for 494,800 shares of Common Stock repurchased during the fourth quarter of fiscal
2006. This program expired on September 30, 2007.
On March 12, 2009, the Board of Directors reduced the quarterly cash dividend to $0.03 per share.
It is the present intention of the Board of Directors to continue to pay this quarterly cash dividend;
however, the declaration and payment of future dividends will be determined by the Board of Directors
in its sole discretion and will depend upon the earnings, financial condition, and capital needs of the
Company and other factors which the Board of Directors deems relevant.
On January 26, 2010, the Company terminated the flexible employee benefits trust (the ‘‘Trust’’)
that was established on April 29, 1994 to fund a portion of the Company’s obligations arising from
various employee compensation and benefit plans. In accordance with the terms of the Trust, upon its
termination, the Trust’s sole asset, consisting of 2,195,270 shares of the Company’s common stock, was
transferred to the Company in exchange for the full satisfaction and discharge of all intercompany
indebtedness then owed by the Trust to the Company. The termination of the Trust has no impact on
the Company’s consolidated financial statements, except for the reclassification of the shares from
within the shareholders equity section of the Company’s Consolidated Balance Sheets.
16