ACE Cash Express Announces $20 Million Share Repurchase Program
May 25 2005 - 5:11PM
PR Newswire (US)
ACE Cash Express Announces $20 Million Share Repurchase Program
DALLAS, May 25 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc.
(NASDAQ:AACE) announced today that the Company's Board of Directors
has authorized a new $20 million share repurchase program. The
authorization is effective immediately and has no set expiration
date. The Company may make repurchases from time to time in the
open market or through negotiated transactions depending upon
market conditions. "The Board's authorization is consistent with
our strategy to allocate our capital by reinvesting our cash flow
in acquisitions, new store growth and share repurchases, with a
focus on delivering long-term value to shareholders," said Jay B.
Shipowitz, President and Chief Executive Officer. This share
repurchase program replaces the Company's previous share repurchase
program. All purchases made and prices paid will be based upon
market conditions and made in compliance with securities
guidelines. This authorization does not obligate the Company to
acquire any shares and may be terminated by the Board at any time.
About ACE Cash Express ACE Cash Express, Inc. is a leading retailer
of financial services, including check cashing, short-term consumer
loans and bill payment services, and the largest owner, operator
and franchisor of check cashing stores in the United States. As of
March 31, 2005, ACE had a network of 1,331 stores in 37 states and
the District of Columbia, consisting of 1,118 company-owned stores
and 213 franchised stores. ACE focuses on serving consumers, many
of whom seek alternatives to traditional banking relationships in
order to gain convenient and immediate access to check cashing
services and short-term consumer loans. ACE's website is found at
http://www.acecashexpress.com/ . Forward-Looking Statements This
release contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are generally identified by the use of words such
as "expect," "anticipate," "estimate," "believe," "intend," "plan,"
"target," "goal," "should," "would," and terms with similar
meanings. Although ACE believes that the current views and
expectations reflected in these forward-looking statements are
reasonable, these views and expectations, and the related
statements, are inherently subject to risks, uncertainties, and
other factors, many of which are not under ACE's control and may
not even be predictable. Any inaccuracy in the assumptions, as well
as those risks, uncertainties and other factors could cause the
actual results to differ materially from these in the
forward-looking statements. These risks, uncertainties, and factors
include, but are not limited to, matters described in ACE's reports
filed with the Securities and Exchange Commission, such as: * ACE's
relationships with Republic Bank & Trust Company, with
Travelers Express and its affiliates and with its bank lenders; *
ACE's relationships with providers of services or products offered
by ACE or property used in its operations; * federal and state
governmental regulation of check cashing, short-term consumer
lending and related financial services businesses; * any impact on
the loans offered by Republic Bank & Trust Company at ACE's
stores in Texas, Pennsylvania and Arkansas from the implementation
of the revised Guidelines for Payday Lending announced on March 1,
2005 by the Federal Deposit Insurance Corporation, which revised
Guidelines provide guidance to banks that engage in payday lending,
and include a requirement that such banks develop procedures to
ensure that a payday loan is not provided to any customer with
payday loans outstanding from any lender for more than 3 months in
the previous 12 months; * any litigation regarding ACE's short-term
consumer lending activities; * theft and employee errors; * the
availability of adequate financing, suitable locations, acquisition
opportunities and experienced management employees to implement
ACE's growth strategy; * increases in interest rates, which would
increase ACE's borrowing costs; * the fragmentation of the check
cashing industry and competition from various other sources, such
as banks, savings and loans, short-term consumer lenders, and other
similar financial services entities, as well as retail businesses
that offer services offered by ACE; * the terms and performance of
third-party services offered at ACE's stores; and * customer demand
and response to services offered at ACE's stores. ACE expressly
disclaims any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in ACE's views or expectations, or otherwise.
ACE makes no prediction or statement about the performance of its
common stock. DATASOURCE: ACE Cash Express, Inc. CONTACT: William
S. McCalmont, Executive Vice President & CFO, +1-972-753-2314,
or , or Douglas Lindsay, Vice President of Finance,
+1-972-753-2342, or , both of ACE Cash Express, Inc. Web site:
http://www.acecashexpress.com/
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