DFC Global Corp. Announces Stock Repurchase Program
December 14 2011 - 3:00PM
Business Wire
DFC Global Corp. (NASDAQ:DLLR - News), a leading international
diversified financial services company serving primarily unbanked
and under-banked consumers for over 30 years, today announced that
its Board of Directors has approved a stock repurchase program
authorizing the Company to repurchase up to 5.0 million shares
of its common stock. As of December 13, 2011, the Company had
43,979,365 shares of common stock outstanding.
Jeff Weiss, the Company's Chairman and Chief Executive Officer,
said "We are confident in our global growth and operating
strategies and believe that our strong balance sheet and cash flow
generation provide ample cash to finance our initiatives. This
program reflects that confidence and confirms our commitment to
enhance stockholder value."
Under the program, the Company may repurchase shares in open
market, block or negotiated transactions. The timing and amount of
such repurchases will depend on market conditions, applicable legal
requirements, and other factors. The program is open-ended in
duration, may be suspended or discontinued at any time, and does
not obligate the Company to acquire any particular amount of common
stock or to acquire shares within any particular timetable.
About DFC Global Corp.
DFC Global Corp. is a leading international diversified
financial services company serving primarily unbanked and
under-banked consumers and small business owners who, for reasons
of convenience and accessibility, purchase some or all of their
financial services from the Company rather than from banks and
other financial institutions. Through its approximately 1,300
retail storefront locations, multiple Internet websites and mobile
phone and other remote platforms, the Company provides a variety of
consumer financial products and services in seven countries across
North America and Europe—Canada, the United Kingdom, the United
States, Sweden, Finland, Poland and the Republic of Ireland. The
Company believes that its customers, many of whom receive income on
an irregular basis or from multiple employers, are drawn to the
range of financial services it offers, the convenience of its
products, the multiple ways in which they may conduct business with
the Company and its high-quality customer service.
The Company’s products and services, principally its short-term
single-payment consumer loans, secured pawn loans, check cashing
services and gold buying services, provide customers with immediate
access to cash for living expenses or other needs. The Company
strives to offer its customers additional high-value ancillary
services, including Western Union® money order and money transfer
products, foreign currency exchange, reloadable VISA® and
MasterCard® prepaid debit cards and electronic tax filing. In
addition to its core retail products, the Company also provides
fee-based services in the United States to enlisted military
personnel applying for loans to purchase new and used vehicles that
are funded and serviced under an exclusive agreement with a major
third-party national bank through the Company’s branded Military
Installment Loan and Education Services, or MILES®, program.
The Company’s networks of retail locations in Canada and the
United Kingdom are the largest of their kind by revenue in each of
those countries. The Company believes it is also the largest pawn
lender in Europe by revenue. At September 30, 2011, the Company’s
global retail operations consisted of 1,285 retail storefront
locations, of which 1,219 are company-owned stores, conducting
business primarily under the names Money Mart®, The Money Shop®,
Insta-Cheques®, mce®, Suttons and Robertson®, The Check Cashing
Store®, Sefina®, Helsingin PanttiSM, Optima® and MoneyNow!®. In
addition to its retail stores, the Company also offers
Internet-based short-term single-payment consumer loans in the
United Kingdom primarily under the brand names Payday Express® and
PaydayUK®, in Canada under the Money Mart name, and Finland and
Sweden primarily under the Risicum® and OK Money® brand names. For
more information, please visit the Company's website at
www.dfcglobalcorp.com.
Forward-Looking Statements
This news release contains forward looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions and their expected benefits; the
Company’s future results, growth, guidance and operating strategy;
the global economy; the effects of currency exchange rates on
reported operating results; the regulatory environment in Canada,
the United Kingdom, the United States, Scandinavia and other
countries; the impact of future development strategy, new stores
and acquisitions; litigation matters; stock repurchase programs;
expected financing initiatives; and the performance of new products
and services. These forward looking statements involve risks and
uncertainties, including risks related to: the regulatory
environments; current and potential future litigation; the
identification of acquisition targets; the consummation of
announced pending acquisitions, the integration and performance of
acquired stores and businesses; the performance of new stores; the
impact of debt and equity financing transactions; the results of
certain ongoing income tax appeals; the effects of new products and
services on the Company’s business, results of operations,
financial condition, prospects and guidance; and uncertainties
related to the effects of changes in the value of the U.S. Dollar
compared to foreign currencies. There can be no assurance that the
Company will attain its expected results, successfully consummate
announced pending acquisitions, successfully integrate and achieve
anticipated synergies from any of its acquisitions, obtain
acceptable financing, implement proposed stock repurchase programs,
or attain its published guidance metrics, or that ongoing and
potential future litigation or the various FDIC, Federal, state,
Canadian, U.K., Scandinavia or other foreign legislative or
regulatory activities affecting the Company or the banks with which
the Company does business will not negatively impact the Company’s
operations. A more complete description of these and other risks,
uncertainties and assumptions is included in the Company’s filings
with the Securities and Exchange Commission, the Company’s annual
reports and Forms 10-Q and 10-K. You should not place any undue
reliance on any forward-looking statements. The Company disclaims
any obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
Dfc Global Corp (MM) (NASDAQ:DLLR)
Historical Stock Chart
From May 2024 to Jun 2024
Dfc Global Corp (MM) (NASDAQ:DLLR)
Historical Stock Chart
From Jun 2023 to Jun 2024