Digital Insight Launches Repurchase
Digital Insight Corp. has launched a repurchase of up to $50 million of the company's common stock over the next 12 months.
The share repurchase comes on the heels of DI's completion of $100 million in share repurchases during the past two years at an average cost of $24.79 per share.
The repurchases will be subject to market conditions, and will be made from time to time in open market or in privately negotiated transactions.
"As demonstrated by our recently-announced first quarter results, our business continues to generate significant cash flows from operating activities," said CEO Jeff Stiefler.
As of March 31, Digital Insight had $123 million in cash and marketable securities on its balance sheet and no long-term debt.