Advance America increases stock repurchase program by 100 million dollars

August 16, 2006 - Spartanburg, South Carolina

Advance America, Cash Advance Centers, Inc. (NYSE: AEA -- News) today announced that its board of directors has approved an extension of its stock repurchase program to cover an additional $100 million of the Company's currently outstanding common stock. The Company's existing stock repurchase program had previously authorized the repurchase of up to $50 million of the Company's common stock. Through August 15, 2006, the Company had repurchased approximately 3.5 million shares for an aggregate price of $46 million dollars. The extension of the stock repurchase program will permit the Company to repurchase up to an additional $100 million of its common stock beyond what has already been repurchased.

In commenting on the board's authorization, Advance America's Chief Executive Officer, Ken Compton said, "The Company's board has determined that an increase in and continuation of the stock repurchase program will serve the best interest of the Company and its stockholders by returning capital to the Company's stockholders and by providing an attractive investment opportunity for the Company's funds."

Share repurchases will be made from time to time and will be executed in the open market, in block trades, or in privately negotiated transactions, and in compliance with, when applicable, Securities and Exchange Commission Rule 10b-18, Regulation M, and other laws. The program does not require the Company to purchase any specific number of shares. Any purchases under the program will depend on market conditions. The Company's Board of Directors may suspend or cancel the stock repurchase program at any time.

The Company also announced that it has amended its revolving credit facility to permit the repurchase of the additional $100 million of its common stock.

News Source

Yahoo! Business, Advance America, Cash Advance Centers, Inc., Press Release

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Related Stories - South Carolina

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