Verifone Announces $200 Million Share Repurchase Authorization
September 28 2015 - 6:30AM
Business Wire
VeriFone Systems, Inc. (NYSE: PAY) today announced that its
board of directors has authorized a $200 million share repurchase
program.
The authorization is the first in Verifone’s history and
represents approximately 6.5 percent of the company’s outstanding
shares based on current trading prices. It provides Verifone with
flexibility to repurchase shares opportunistically from time to
time, based on market and business conditions, the company’s
ongoing cash flow generation, and other factors.
“Verifone is committed to the execution of our strategy in
support of our clients' objectives, including the development of
our next generation of products and services, and to enhancing
value for our shareholders,” said Paul Galant, CEO of Verifone. “We
reported excellent third quarter results on September 3 of this
year, led by record revenues and 18 percent non-GAAP earnings per
share growth over the third quarter of FY14. Our continued business
performance and our disciplined capital allocation approach have
positioned Verifone well for its first-ever share repurchase
program.”
The authorization has no set expiration date, but, subject to
market conditions and other factors, is intended to be completed
over the next 12 months.
CAUTION CONCERNING FORWARDLOOKING STATEMENTS
This press release includes certain forwardlooking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the anticipated timing of
share repurchases. These statements are based on management's
current expectations or beliefs and on currently available
competitive, financial and economic data and are subject to
uncertainty and changes in circumstances. Actual events and results
may vary materially from those expressed or implied by the
forwardlooking statements herein due to changes in economic,
business, competitive, technological, and/or regulatory factors,
changing market prices for Verifone common stock and other risks
and uncertainties affecting the operation of the business of
VeriFone Systems, Inc., including many factors beyond our control.
For a further list and description of the risks and uncertainties
affecting the operations of our business, see our filings with the
Securities and Exchange Commission, including our annual report on
Form 10K and our quarterly reports on Form 10Q. The
forwardlooking statements speak only as of the date such
statements are made. Verifone is under no obligation to, and
expressly disclaims any obligation to, update or alter its
forwardlooking statements, whether as a result of new information,
future events, changes in assumptions or otherwise.
About Verifone
Verifone is transforming everyday transactions into
opportunities for connected commerce. We’re connecting more than 27
million payment devices to the cloud—merging the online and
in-store shopping experience and creating the next generation of
digital engagement between merchants and consumers. We are built on
a 30-year history of uncompromised security. Our people are known
as trusted experts that work with our clients and partners, helping
to solve their most complex payments challenges. We have clients
and partners in more than 150 countries, including the world’s
best-known retail brands, financial institutions and payment
providers.
Verifone.com | (NYSE: PAY) | @verifone
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VerifoneAndy Payment, 770-754-3541andy.payment@verifone.com
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