Jack Henry & Associates Inc. announced Monday that its board had authorized the repurchase of 5 million additional shares.
The Monett, Mo., core processing vendor said it would finance the repurchases with available cash reserves or short-term borrowings on its existing credit facility. It said the program does not include specific price targets or time tables and may be suspended at any time.
"We believe that repurchasing shares of our stock is a great use of capital that will increase earnings per share and provide returns both in the current year and should also compound in the future as we continue to grow," Kevin D. Williams, Jack Henry's chief financial officer, said in a press release.
During a conference call with analysts this month, he said Jack Henry had repurchased 1.4 million shares of its stock during its fiscal fourth quarter, which ended June 30, and had 3.7 million shares still available under the current authorization. Since the buyback program began in May 2005, Jack Henry has repurchased 11.3 million shares for $251 million, he said.