Piper Jaffray Companies Announces Share Repurchase Authorization
29 July 2010 - 4:50AM
Business Wire
Piper Jaffray Companies (NYSE: PJC) today announced that its
board of directors has authorized the repurchase of up to $75
million of the company’s outstanding common stock. The principal
purpose of the share repurchase program is to offset the dilutive
effect of employee equity-based compensation. The authorization
expires September 30, 2012. As of July 28, 2010, Piper Jaffray
Companies had 20.0 million common shares outstanding.
About Piper JaffrayPiper Jaffray Companies (NYSE: PJC) is
a leading, international investment bank and institutional
securities firm, serving the needs of corporations, private equity
groups, public entities, nonprofit clients and institutional
investors. Founded in 1895, Piper Jaffray provides a broad set of
products and services, including equity and debt capital markets
products; public finance services; financial advisory services;
equity and fixed-income institutional brokerage; equity research
and fixed income analytics; and asset management services. Piper
Jaffray headquarters are located in Minneapolis, Minnesota, with
offices across the U.S. and in London and Hong Kong. Piper Jaffray
& Co. is the firm's principal operating subsidiary.
(www.piperjaffray.com)
Cautionary Note Regarding Forward-Looking StatementsThis
press release and the conference call to discuss the contents of
this press release contain forward-looking statements. Statements
that are not historical or current facts, including statements
about beliefs and expectations, are forward-looking statements and
are subject to significant risks and uncertainties that are
difficult to predict. These forward-looking statements cover, among
other things, statements made about our share repurchase plans, our
liquidity and capital resources or other similar matters. These
statements involve inherent risks and uncertainties, both known and
unknown, and important factors could cause actual results to differ
materially from those anticipated or discussed in the
forward-looking statements, including (1) our ability to effect the
repurchase program depends in part upon our results of operations
and profitability and may be impacted by negative operating
conditions, (2) an inability to access capital readily or on terms
favorable to us could impair our ability to effect the repurchase
program, and (3) the other factors described under “Risk Factors”
in Part I, Item 1A of our Annual Report on Form 10-K for
the year ended December 31, 2009 and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” in
Part II, Item 7 of our Annual Report on Form 10-K for the
year ended December 31, 2009, and updated in our subsequent
reports filed with the SEC (available at our Web site at
www.piperjaffray.com and at the SEC Web site at www.sec.gov).
Forward-looking statements speak only as of the date they are made,
and readers are cautioned not to place undue reliance on them. We
undertake no obligation to update them in light of new information
or future events.
© 2010 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800,
Minneapolis, Minnesota 55402-7020
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