Cardtronics Announces Additional $50 Million Share Repurchase Authorization
November 21 2019 - 8:30AM
Cardtronics plc (or “the Company”) today announced that its Board
of Directors has authorized the Company to repurchase an additional
$50 million of its Class A ordinary shares outstanding through
December 31, 2020. With this additional $50 million
authorization, the Board has cumulatively approved up to $100
million in share repurchases since March 2019, of which $50 million
has been completed. Share repurchases under the authorization may
be effected on behalf of the Company through open market
transactions, privately negotiated transactions or otherwise,
including pursuant to SEC trading rules. There is no guarantee as
to the exact number of additional shares, if any, that may be
repurchased by the Company under this authorization. The timing and
extent of repurchases will depend upon several factors, including
market and business conditions, valuation of shares, regulatory
requirements and other corporate considerations, and repurchases
may be suspended or discontinued at any time.
“We are pleased to announce this additional share repurchase
authorization, having recently completed the previous $50 million
share repurchase authorization that we announced in March of this
year, which resulted in the repurchase of almost 4% of our
outstanding shares. This additional share repurchase authorization
reflects our continued confidence in the business and our ability
to generate strong free cash flows. As we continue to execute on
our growth strategy and reduce debt, this authorization will
provide flexibility to opportunistically return capital to
shareholders as part of our disciplined approach to capital
allocation,” commented Edward H. West, chief executive officer.
About Cardtronics (Nasdaq: CATM)Cardtronics is
the trusted leader in financial self-service, enabling cash
transactions at over 295,000 ATMs across 10 countries in North
America, Europe, Asia-Pacific, and Africa. Leveraging our
unmatched scale, expertise and innovation, top-tier merchants and
businesses of all sizes use our ATM solutions to drive growth,
in-store traffic, and retail transactions. Financial services
providers rely on Cardtronics to deliver superior service at their
own ATMs, on Cardtronics ATMs where they place their brand, and
through Cardtronics' Allpoint Network, the world’s largest
surcharge-free ATM network. As champions of cash, Cardtronics
converts digital currency into physical cash, driving payments
choice for businesses and consumers alike.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended and are intended to be covered by
the safe harbor provisions thereof. These forward-looking
statements are based on management’s current expectations and
beliefs in light of currently available information, including
concerning future developments and their potential effect on the
Company, and there can be no assurance that future developments
affecting the Company will occur as anticipated. The Company’s
ability to repurchase shares will be affected by its ability to
generate free cash flow at the levels anticipated and its ability
to generate expected operating results. The Company’s
forward-looking statements involve significant risks and
uncertainties (some of which are beyond its control) and are based
on assumptions that could cause actual results to differ materially
from its historical results and present expectations or
projections. Risk factors are described in the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2018,
and those set forth from time-to-time in other filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on forward-looking statements contained in
this press release, which speak only as of the date of this press
release. Except as required by applicable law, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events, or otherwise.
Contact Information:
Media RelationsPaul WilmoreChief Marketing
Officer832-308-4224pwilmore@cardtronics.com
|
Investor RelationsBrad ConradEVP – Treasurer
832-308-4975 ir@cardtronics.com |
Cardtronics is a registered trademark of
Cardtronics plc and its subsidiaries All other trademarks are the
property of their respective owners.
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