News

Concord authorizes repurchase of additional $150M in stock

November 7, 2002

MEMPHIS, Tenn. -- Transaction processor Concord EFS (NYSE:CE) says that its Board of Directors has approved the repurchase of an additional $150 million of Concord's common stock beyond the $250 million approved in August 2002.

Under the repurchase plan, Concord may buy back shares of its outstanding stock from time to time either on the open market or through privately negotiated transactions, according to a company news release.

While Concord recently reported third-quarter earnings of $93.4 million, an increase of approximately $12 million from 2001's third quarter, the company also warned that its business could slow along with consumer spending.

Concord stock was trading at $14.89 on Nov. 8, six months after hitting a 52-week high of $35.06 on May 15. The stock was especially hard hit on Aug. 8, dropping to $6.77, after online business site Briefing.com reported the company was under SEC investigation. Concord issued a statement refuting the report.