Dollar Financial Corp Announces Stock Repurchase Plan
July 21 2008 - 7:30AM
Business Wire
Dollar Financial Corp (NASDAQ:DLLR - News), a leading international
financial services company serving under-banked consumers, today
announced that its Board of Directors has approved a stock
repurchase plan, authorizing the Company to repurchase in the
aggregate up to $7.5 million of its outstanding common stock, which
is the maximum amount of common stock the Company can repurchase
pursuant to the terms of its credit facility. Jeff Weiss, the
Company�s Chairman and Chief Executive Officer, said, �We are
confident in our long-term growth strategy and believe our strong
balance sheet provides ample cash to finance our various growth
initiatives. The stock repurchase plan reflects our confidence in
the markets that we serve and also represents another example of
our continued commitment to creating long-term value for our
shareholders.� Under the program authorized by its Board of
Directors, the Company may repurchase shares in open market
purchases or through privately negotiated transactions as permitted
under Securities Exchange Act of 1934 Rule 10b?18. The extent to
which the Company repurchases its shares and the timing of such
repurchases will depend upon market conditions and other corporate
considerations, as determined by the Company�s management. The
purchases will be funded from existing cash balances. About Dollar
Financial Corp Dollar Financial Corp is a leading international
financial services company serving under-banked consumers. Its
customers are typically service sector individuals who require
basic financial services but, 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. To meet the needs of these customers, the Company
provides a range of consumer financial products and services
primarily consisting of check cashing, short-term consumer loans,
Western Union money order and money transfer products, reloadable
VISA� and MasterCard� branded debit cards, electronic tax filing,
bill payment services, and legal document processing services. At
March 31, 2008, the Company�s global store network consisted of
1,454 stores, including 1,111 company-operated financial services
stores and 343 franchised and agent locations in 32 states, Canada
and the United Kingdom. The financial services store network is the
largest network of its kind in each of Canada and the United
Kingdom and the second-largest network of its kind in the United
States. The Company�s customers, many of whom receive income on an
irregular basis or from multiple employers, are drawn to the
convenient neighborhood locations, extended operating hours and
high-quality customer service. The Company�s financial products and
services, principally check cashing and short-term consumer loan
programs, provide immediate access to cash for living expenses or
other needs. For more information, please visit the Company's
website at www.dfg.com. Forward Looking Statement This news release
contains forward looking statements, including statements regarding
the following: the Company�s stock repurchase plan; the Company�s
future results, growth, guidance and operating strategy; the global
economy; the developing regulatory environment in Canada; the
impact of future development strategy, new stores and acquisitions;
and of the performance of new products and services. These forward
looking statements involve risks and uncertainties, including
uncertainties related to the effects of changes in the value of the
U.S. dollar compared to foreign currencies, risks related to the
regulatory environment, current and potential future litigation,
the integration and performance of acquired stores, the performance
of new stores, the implementation and results of restructuring
initiatives, the impact of debt financing transactions, the results
of certain ongoing income tax appeals, and the effects of new
products and services on the Company�s business, results of
operations, financial condition, prospects and guidance. There can
be no assurance that the Company will attain its expected results,
successfully integrate any of its acquisitions, attain its
published guidance metrics, or that ongoing and potential future
litigation or that the various FDIC, Federal, state, Canadian or
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, including those described under the heading
�Risk Factors� in Form S-3 for the Company�s Senior Convertible
Note offering filed with the SEC on September 20, 2007 and its
fiscal 2007 annual report on Form-10K. You should not place any
undue reliance on any forward-looking statements. We disclaim 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.
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