Source: Digital Insight
Digital Insight Corp. (Nasdaq: DGIN), the leading online banking provider, today announced that its Board of Directors has authorized the repurchase of up to $50 million of the Company's common stock during the next 12 months.
The Company's new share repurchase authorization follows the 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.
Digital Insight Chairman, President and CEO Jeff Stiefler commented, "As demonstrated by our recently-announced first quarter results, our business continues to generate significant cash flows from operating activities. Our balance sheet strength and scalable business model provide adequate financial flexibility to pursue strategic growth objectives and repurchase shares at attractive valuations in our efforts to enhance shareholder value."
As of March 31, 2006, the Company had $123 million in cash and marketable securities on its balance sheet and no long-term debt.