PRINCETON, N.J.--(BUSINESS WIRE)--
Heartland Payment Systems, Inc. (HPY), one of the nation’s largest payment processors, today announced that its Board of Directors has authorized a new $75 million share repurchase program. The open-ended program is effective immediately, and repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.
The new authorization follows the completion of the existing program, which was authorized in May 2013, under which the company repurchased 1,882,417 shares of its common stock at an average price of approximately $39.81 per share.
“We have consistently articulated a strategy of deploying our strong cash flow to reward our shareholders,” said Bob Baldwin, Heartland’s vice chairman. “Since November 2011, we have been repurchasing our shares under four consecutive Board authorizations, and over that period, have bought back $225 million of our stock. This new, fifth consecutive authorization reflects our continued confidence in the long-term growth of the company and our commitment to create value for our shareholders.”
About Heartland Payment Systems
Heartland Payment Systems, Inc. (HPY), the fifth largest payments processor in the United States, delivers credit/debit/prepaid card processing, mobile commerce, e-commerce, marketing solutions, security technology, payroll solutions, and related business solutions and services to more than 275,000 business and educational locations nationwide. A FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, a public advocacy initiative that educates merchants about fair credit and debit card processing practices. Heartland also established The Sales Professional Bill of Rights to advocate for the rights of sales professionals everywhere. More detailed information can be found at HeartlandPaymentSystems.com, HeartlandPaymentSystems.com/Careers, Heartlandpaymentsystems.com/Blog or follow the company on Twitter@HeartlandHPY and Facebook at facebook.com/HeartlandHPY.
This press release contains statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including risks and additional factors that are described in the Company’s Securities and Exchange Commission filings, including but not limited to the Company’s annual report on Form 10-K for the year ended December 31, 2013. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
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Joe Hassett, 610-228-2110