Global Payments Board Approves Share Repurchase Program

Global Payments Inc. announced that its board of directors approved a new $100 million share repurchase authorization of Global Payments' stock. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management.

Under this new program, Global Payments may repurchase shares in the open market or as otherwise may be determined by the company, subject to market conditions, business opportunities, and other factors. The company has no obligation to repurchase shares under this program and currently intends to use this authorization as a means of offsetting dilution from the issuance of shares under employee benefit plans.

This authorization has no expiration date and may be suspended or terminated at any time. Repurchased shares will be retired, but will be available for future issuance. In addition, the company has $13 million remaining under the authorization from its original share repurchase program initiated during fiscal 2007.

Paul R. Garcia, Chairman and CEO, said, "This repurchase program is consistent with our commitment to create value for our shareholders. Our balance sheet strength gives us the flexibility to continue to execute our growth strategies while we implement our share repurchase program."

 

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