Piper Jaffray Companies Announces Completion of Share Repurchase Program
09 August 2007 - 11:00PM
PR Newswire (US)
MINNEAPOLIS, Aug. 9 /PRNewswire-FirstCall/ -- Piper Jaffray
Companies (NYSE:PJC) has completed the $180 million share
repurchase program authorized by its board of directors on the
commencement of the closing of the company's sale of its Private
Client Services branch network on Aug. 11, 2006. To conclude the
authorization, Piper Jaffray Companies recently repurchased $70
million of the company's common stock. "We are very pleased to have
executed another step in our strategy to recapitalize our company
and redeploy capital from the Private Client Services sale
proceeds," said Andrew Duff, chairman and CEO of Piper Jaffray.
"With the share repurchase program concluded and pending the
closing of our two announced acquisitions, we have redeployed
nearly all the sale proceeds. We remain focused on efficiently
deploying additional capital -- from the remaining proceeds and
adding leverage to our balance sheet -- to increase principal
activities and pursue corporate development opportunities." About
Piper Jaffray Piper Jaffray Companies is a leading, international
middle-market investment bank and institutional securities firm,
serving the needs of middle market corporations, private equity
groups, public entities, nonprofit clients and institutional
investors. Founded in 1895, Piper Jaffray provides a comprehensive
set of products and services, including equity and debt capital
markets products; public finance services; mergers and acquisitions
advisory services; high-yield and structured products;
institutional equity and fixed- income sales and trading; and
equity and high-yield research. With headquarters in Minneapolis,
Piper Jaffray has 25 offices across the United States and
international locations in London and Shanghai. Piper Jaffray &
Co. is the firm's principal operating subsidiary. (NYSE:PJC)
(http://www.piperjaffray.com/) Cautionary Note Regarding
Forward-Looking Statements This press release contains
forward-looking statements. Statements that are not historical or
current facts, including statements about beliefs and expectations,
are forward-looking statements. These forward-looking statements
cover, among other things, the future prospects of Piper Jaffray
Companies. Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to
differ materially from those anticipated, including the following:
(1) the acquisition of Fiduciary Asset Management, LLC (FAMCO) or
of Goldbond Capital Holdings Limited (Goldbond) may not be
completed, or completed within the expected timeframe, (2) costs or
difficulties relating to the integration of the FAMCO or Goldbond
and Piper Jaffray businesses may be greater than expected and may
adversely affect our results of operations and financial condition,
(3) the expected benefits of the FAMCO or Goldbond acquisitions may
take longer than anticipated to achieve and may not be achieved in
their entirety or at all, (4) the proposed transaction with
Goldbond would expand our international operations, which are
subject to unique risks such as the risk of non-compliance with
foreign laws and regulations and economic and political conditions
in the countries where we operate; (5) developments in market and
economic conditions have in the past adversely affected, and may in
the future adversely affect, our business and profitability, (6)
developments in specific sectors of the economy have in the past
adversely affected, and may in the future adversely affect, our
business and profitability, (7) we may not be able to compete
successfully with other companies in the financial services
industry who are often larger and better capitalized than we are,
(8) we have experienced significant pricing pressure in areas of
our business, which may impair our revenues and profitability, (9)
the volume of anticipated investment banking transactions may
differ from actual results, (10) our ability to attract, develop
and retain highly skilled and productive employees is critical to
the success of our business, (11) our underwriting and
market-making activities may place our capital at risk, (12) an
inability to readily divest or transfer trading positions may
result in financial losses to our business, (13) use of derivative
instruments as part of our risk management techniques may place our
capital at risk, while our risk management techniques themselves
may not fully mitigate our market risk exposure, (14) an inability
to access capital readily or on terms favorable to us could impair
our ability to fund operations and could jeopardize our financial
condition, (15) it is inherently difficult to predict accurately
the timing and outcome of legal proceedings and the amounts of
legal reserves are difficult to determine and subject to future
revision; accordingly future results of operations could be
adversely affected if reserves are required to be increased or
legal proceedings are resolved in excess of established reserves,
(16) increases in capital commitments in our proprietary trading,
investing and similar activities increase the potential for
significant losses, (17) we may make strategic acquisitions of
businesses, engage in joint ventures or divest or exit existing
businesses, which could cause us to incur unforeseen expense and
have disruptive effects on our business but may not yield the
benefits we expect, (18) our technology systems, including
outsourced systems, are critical components of our operations, and
failure of those systems or other aspects of our operations
infrastructure may disrupt our business, cause financial loss and
constrain our growth, (19) our business is subject to extensive
regulation that limits our business activities, and a significant
regulatory action against our company may have a material adverse
financial effect or cause significant reputational harm to our
company, (20) regulatory capital requirements may limit our ability
to expand or maintain present levels of our business or impair our
ability to meet our financial obligations, (21) the amount and
timing of restructuring expenses associated with acquisition and
divestiture activity are difficult to predict accurately, and our
estimates may differ from actual results, (22) our exposure to
legal liability is significant, and could lead to substantial
damages, (23) we may suffer losses if our reputation is harmed,
(24) our stock price may fluctuate as a result of several factors,
including but not limited to changes in our revenues and operating
results, (25) provisions in our certificate of incorporation and
bylaws and of Delaware law may prevent or delay an acquisition of
our company, which could decrease the market value of our common
stock, and (26) other factors identified under "Risk Factors" in
Part I, Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2006, and updated in our subsequent reports
filed with the SEC. These reports are available at our Web site at
http://www.piperjaffray.com/ and at the SEC Web site at
http://www.sec.gov/. Forward-looking statements speak only as of
the date they are made, and we undertake no obligation to update
them in light of new information or future events. DATASOURCE:
Piper Jaffray CONTACT: Jennifer A. Olson-Goude, Investor Relations,
+1-612-303-6277, or Rob Litt, Media Relations, +1-612-303-8266,
both of Piper Jaffray Web site: http://www.piperjaffray.com/
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