Blue Bird Announces Authorization of a $25 Million Stock Repurchase Program

Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading
independent designer and manufacturer of school buses, announced today
that its Board of Directors authorized the company to repurchase up to
$25 million in the aggregate of its outstanding common stock and/or
series A convertible preferred stock during the next 12 months. The
repurchase program permits repurchases in open market or private
transactions, including accelerated share repurchase transactions, block
trades, or pursuant to trading plans intended to comply with SEC Rule
10b5-1. The timing, manner, price, and amount of securities to be
repurchased will be determined by management at their discretion. The
repurchase program does not obligate Blue Bird to acquire any specific
amount of securities and can be modified or terminated at any time
without notice. Repurchases under this program are expected to be funded
from one or a combination of existing cash balances, future free cash
flow and indebtedness. Shares repurchased under the program are expected
to be retired stock.

“Our prior $50 million stock repurchase program closed in March 2018 and
was well received by our shareholders,” said Phil Horlock, President and
CEO of Blue Bird. “We are excited to leverage again our strong free cash
flow generation to return capital to our shareholders through this new
stock repurchase program. This initiative signifies management's and our
Board’s confidence in our long-term growth prospects and our commitment
to continually enhancing shareholder value.”

About Blue Bird Corporation

Blue Bird is the leading independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in 1927 and
approximately 180,000 buses in operation today. Blue Bird’s longevity
and reputation in the school bus industry have made it an iconic
American brand. Blue Bird distinguishes itself from its principal
competitors by its singular focus on the design, engineering,
manufacture and sale of school buses and related parts. As the only
manufacturer of chassis and body production specifically designed for
school bus applications, Blue Bird is recognized as an industry leader
for school bus innovation, safety, product
quality/reliability/durability, operating costs and drivability. In
addition, Blue Bird is the market leader in alternative fuel
applications with its propane-powered and compressed natural gas-powered
school buses. Blue Bird manufactures school buses at two facilities in
Fort Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service and
after-market parts are distributed from Blue Bird’s parts distribution
center located in Delaware, Ohio.

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