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Jack Henry Boosts Buyback

TSC and IRIS Staff

Data processing services provider Jack Henry(JKHY Quote) doubled its share-buyback authorization to 10 million shares.

The Monett, Mo.-based company said it would finance its share buyback with available cash reserves or short-term borrowings on its existing credit facility. The share repurchase program does not include specific price targets or timetables and may be suspended at any time.

In October 2002, the board approved the current buyback program for the original amount of 3 million shares. On May 2, 2005, the plan was increased by 2 million shares.

Separately, the company declared a regular quarterly cash dividend of 5.5 cents a share, payable Sept. 22 to stockholders of record Sept. 8.

The company's shares were trading at $19.05, up 28 cents, or 1.5%, Monday.