VeriFone Systems (PAY) Announces $200M Common Stock Buyback Plan

VeriFone Systems, Inc. (NYSE: PAY) announced that its board of directors has authorized a $200 million share repurchase program.

The authorization is the first in Verifone’s history and represents approximately 6.5 percent of the company’s outstanding shares based on current trading prices. It provides Verifone with flexibility to repurchase shares opportunistically from time to time, based on market and business conditions, the company’s ongoing cash flow generation, and other factors.

“Verifone is committed to the execution of our strategy in support of our clients' objectives, including the development of our next generation of products and services, and to enhancing value for our shareholders,” said Paul Galant, CEO of Verifone. “We reported excellent third quarter results on September 3 of this year, led by record revenues and 18 percent non-GAAP earnings per share growth over the third quarter of FY14. Our continued business performance and our disciplined capital allocation approach have positioned Verifone well for its first-ever share repurchase program.”

The authorization has no set expiration date, but, subject to market conditions and other factors, is intended to be completed over the next 12 months.

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