Company Makes First Repurchases Under Current Authorization; Establishes 10b5 Trading Plan
IRVING, Texas, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Blucora, Inc. (BCOR), a leading provider of tax-smart financial solutions that empower people’s goals, today announced that it has recently completed its first repurchases of common shares under its $100 million share repurchase authorization. Blucora repurchased approximately 272,000 shares of its common shares at an average price of approximately $23.13 per share. The purchases were made under the authorization that was approved by the Board of Directors on March 19, 2019.
In addition, the company announced the establishment of a 10b5-1 trading plan to assist the company in repurchasing additional shares under the repurchase program. Repurchases under the plan may begin on September 15, 2019 and may continue until December 31, 2019. Any repurchases made under the plan are subject to Securities and Exchange Commission regulations, as well as certain price, volume, and timing considerations specified in the plan.
Blucora, Inc. (BCOR) is on the forefront of financial technology, pioneering tax-smart financial solutions that empower people’s goals. Blucora operates in two segments including wealth management, through its two industry-leading, tax-focused broker dealers, HD Vest and 1st Global, with a combined $67 billion in total client assets as of June 30, 2019; and tax preparation, through its TaxAct business, a leading tax preparation software with approximately 3 million consumer and professional users. With integrated tax and wealth management, Blucora is uniquely positioned to provide better long-term outcomes for customers with holistic, tax-advantaged solutions. For more information on Blucora, visit www.blucora.com.
Blucora Investor Relations
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. Actual results may differ significantly from management’s expectations due to various risks and uncertainties including, but not limited to: our ability to effectively implement our future business plans and growth strategy; our ability to effectively compete within our industry; our ability to attract and retain customers and productive financial advisors; our ability to realize all of the anticipated benefits of the acquisition of 1st Global, as well as our ability to integrate the operations of 1st Global; the availability of financing and our ability to meet our current and future debt service obligations and comply with our debt covenants; our ability to generate strong investment performance for our customers and the impact of the financial markets on our customers’ portfolios and investment behavior; risks related to stock repurchases, if any, under our stock repurchase program; political and economic conditions and changes and events that directly or indirectly impact the wealth management and tax preparation industries; our ability to successfully make technology enhancements and introduce new and improve on existing products and services; our expectations concerning the revenues we generate from fees associated with the financial products that we distribute; risks related to goodwill and other intangible asset impairment; our ability to comply with laws and regulations, including, among others, those related to privacy protection and consumer data; our expectations concerning the benefits that may be derived from our clearing platform and investment advisory platform; cybersecurity risks; our ability to maintain our relationships with third party partners; the seasonality of our business; litigation risks; our ability to attract and retain qualified employees; our assessments and estimates that determine our effective tax rate; the impact of new or changing tax legislation; our ability to develop, establish and maintain strong brands; our ability to protect our intellectual property; and our ability to effectively integrate other companies or assets that we may acquire. A more detailed description of these and certain other factors that could affect actual results is included in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as may be required by applicable law.