SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
EVERTEC, Inc. (NYSE:EVTC) (“EVERTEC” or the “Company”) today announced
that its Board of Directors (the “Board”) has approved a stock
repurchase program that authorizes repurchases of up to $75 million of
its common stock over the next twelve months.
Under the stock repurchase program, the Company may repurchase its
common stock from time to time, in amounts, at prices, and at such times
as the Company deems appropriate, subject to market conditions and other
considerations. The Company’s repurchases may be executed using open
market purchases, privately negotiated transactions, accelerated share
repurchase programs or other transactions, any of which may be enacted
immediately following the Board’s approval of the stock repurchase
program. The Company intends to fund repurchases under the stock
repurchase program from cash on hand and available borrowings under its
existing credit facility, as necessary.
The Company is not obligated to purchase any specific number of shares
under its stock repurchase program, and the stock repurchase program may
be suspended or discontinued at any time without prior notice.
About EVERTEC
EVERTEC, Inc. (NYSE: EVTC) is the leading full-service transaction
processing business in Latin America, providing a broad range of
merchant acquiring, payment processing and business solutions services.
The largest merchant acquirer in the Caribbean and Central America – and
one of the largest in Latin America – EVERTEC serves 19 countries in the
region from its base in Puerto Rico. The Company manages a system of
electronic payment networks that process more than 2.1 billion
transactions annually, and offers a comprehensive suite of services for
core bank processing, cash processing and technology outsourcing. In
addition, EVERTEC owns and operates the ATH® network, one of the leading
PIN debit networks in Latin America. The Company serves a diversified
customer base of leading financial institutions, merchants, corporations
and government agencies with “mission-critical” technology solutions.
For more information, visit http://www.evertecinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking
statements” within the meaning of, and subject to the protection of, the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements related to the
stock repurchase program. Such forward-looking statements involve known
and unknown risks, uncertainties, and other factors that may cause the
actual results, performance or achievements of EVERTEC to be materially
different from any future results, performance or achievements expressed
or implied by such forward-looking statements. Statements preceded by,
followed by, or that otherwise include the words “believes,” “expects,”
“anticipates,” “intends,” “projects,” “estimates,” and “plans” and
similar expressions of future or conditional verbs such as “will,”
“should,” “would,” “may,” and “could” are generally forward-looking in
nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances
or results are forward-looking statements.
Various factors that could cause actual future results and other
future events to differ materially from those estimated by management
include, but are not limited to: the Company’s reliance on its
relationship with Popular, Inc. (“Popular”) for a significant portion of
revenues; our ability to renew our client contracts on terms favorable
to us; the effectiveness of our risk management procedures; our
dependence on our processing systems, technology infrastructure,
security systems and fraudulent-payment-detection systems, and the risk
that our systems may experience breakdowns or fail to prevent security
breaches or fraudulent transfers; our use of derivative financial
instruments to manage our interest rate risks, which may not be
successful; our ability to develop, install and adopt new technology; a
decreased client base due to consolidations in the banking and
financial-services industry; the credit risk of our merchant clients,
for which we may also be liable; the continuing market position of the
ATH® network; the Company’s dependence on credit card associations;
regulatory limitations on our activities due to our relationship with
Popular and our role as a service provider to financial institutions;
changes in the regulatory environment and changes in international,
legal, political, administrative or economic conditions; the
geographical concentration of the Company’s business in Puerto Rico;
operating an international business in multiple regions with potential
political and economic instability; operating in countries and
counterparties that put us at risk of violating U.S. sanctions laws; our
ability to execute our expansion and acquisition strategies; our ability
to protect our intellectual property rights; our ability to recruit and
retain qualified personnel; our ability to comply with federal, state,
and local regulatory requirements; evolving industry standards; the
Company’s high level of indebtedness and restrictions contained in the
Company’s debt agreements; and the Company’s ability to generate
sufficient cash to service the Company’s indebtedness and to generate
future profits.
Consideration should be given to the areas of risk described above,
as well as those risks set forth under the headings “Forward-Looking
Statements” and “Risk Factors” in the reports the Company files with the
Securities Exchange Commission from time to time, in connection with
considering any forward-looking statements that may be made by the
Company and its businesses generally. We undertake no obligation to
release publicly any revisions to any forward-looking statements, to
report events or to report the occurrence of unanticipated events unless
we are required to do so by law.
EVERTEC, Inc.
Investor Contact:
Luis M. Cabrera,
787-773-5302
Senior Vice President, Head of Investor Relations
IR@evertecinc.com
or
Media
Contact:
Wanda Betancourt, APR, 787-773-5302
Senior Vice
President, Communications and Marketing
NewsMedia@evertecinc.com
Source: EVERTEC, Inc.