Source: S1 Corporation
S1 Corporation (Nasdaq: SONE), a leading global provider of customer interaction financial and payment solutions, today announced that its Board of Directors authorized a $10.0 million increase to the Company's stock repurchase program, bringing the total authorization to $60.0 million, under which S1 may repurchase shares of its common stock from time to time in open market and privately negotiated transactions, through block trades or otherwise, as market and business conditions warrant.
The Company initially announced the stock repurchase program in May 2007 when the repurchase of up to $30.0 million of S1 common stock was authorized. In August 2007, the Company's Board of Directors increased the authorization under the stock repurchase program by an additional $20.0 million. As of December 12, 2007, the Company had repurchased and canceled approximately 6.6 million shares of S1 common stock for an aggregate purchase price of approximately $50.0 million.
The stock repurchase program does not obligate the Company to acquire any particular amount of S1 common stock and the program may be modified or suspended at any time or from time to time without prior notice at the Company's discretion. Purchases will be funded from available cash.