Allscripts Announces Share Repurchase Program
01 December 2015 - 8:30AM
Allscripts Healthcare Solutions announced today that its Board of
Directors approved a share repurchase program under which
Allscripts may purchase up to $150 million of its common stock
through December 31, 2018.
Repurchases will be made from cash on hand as well as a portion
of the free cash flow expected to be generated from the business
over the next three years. The share repurchase program is
intended, in part, to offset the dilution created by previous
management equity grants.
Allscripts plans to repurchase shares from time to time in the
open market or in privately negotiated transactions, subject to
market conditions. There is no guarantee as to the exact number of
shares or value that will be repurchased under the stock repurchase
program, and Allscripts may discontinue purchases at any time.
Whether Allscripts makes any repurchases will depend on many
factors, including but not limited to its business and financial
performance, the business and market conditions at the time,
including the price of Allscripts shares, and other factors that
management considers relevant.
Based on the November 30, 2015, closing price, approximately 9.8
million shares, or 5.2 percent of the company's outstanding shares
as of October 30, 2015, could be repurchased.
"Allscripts' strengthening financial position and growing free
cash flow creates a need for us to make prudent capital allocation
decisions," said Richard J. Poulton, Allscripts President and Chief
Financial Officer. "While we will continue to invest heavily in our
industry-leading solutions as well as other forms of profitable
growth, we have a strong commitment to maximizing returns on
capital, and a share repurchase program alongside these investments
helps us maximize shareholder value and demonstrate our confidence
in Allscripts' future to clients, investors and associates."
About Allscripts
Allscripts (NASDAQ:MDRX) is a leader in healthcare information
technology solutions that advance clinical, financial and
operational results. Our innovative solutions connect people,
places and data across an Open, Connected Community of Health™.
Connectivity empowers caregivers to make better decisions and
deliver better care for healthier populations. To learn more, visit
www.allscripts.com, Twitter,
YouTube and It Takes A
Community: The Allscripts Blog.
© 2015 Allscripts Healthcare, LLC and/or its affiliates. All
Rights Reserved.
Allscripts, the Allscripts logo, and other Allscripts marks are
trademarks of Allscripts Healthcare, LLC and/or its affiliates. All
other products are trademarks of their respective holders, all
rights reserved. Reference to these products is not intended to
imply affiliation with or sponsorship of Allscripts Healthcare, LLC
and/or its affiliates.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements regarding
future events or developments, our future performance, as well as
management's expectations, beliefs, intentions, plans, estimates or
projections relating to the future are forward-looking statements
with the meaning of these laws. These forward-looking statements
are subject to a number of risks and uncertainties. As a result, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what impact they will have on our results of operations
or financial condition. See our Annual Report on Form 10-K for 2014
and other public filings with the SEC for a further discussion of
these and other risks and uncertainties applicable to our business.
The statements herein speak only as of their date and we undertake
no duty to update any forward-looking statement whether as a result
of new information, future events or changes in expectations.
CONTACT: For more information contact:
Investors:
Seth Frank
312-506-1213
seth.frank@allscripts.com
Media:
Concetta DiFranco
312-447-2466
concetta.difranco@allscripts.com
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