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National American University Holdings, Inc. (the “Company”) (NASDAQ: NAUH), which through its wholly owned subsidiary operates National American University (“NAU”), a regionally accredited, proprietary, multi-campus institution of higher learning, today announced approval of a stock repurchase program.
On October 31, 2011, the Company’s Board of Directors authorized a stock repurchase plan of up to $10 million of common stock in both open market and privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements, and other prevailing market conditions. The plan has not been assigned a predetermined date of expiration, but may be limited or terminated without prior notice.
Ronald L. Shape, Ed.D., Chief Executive Officer of the Company, commented, “Following the completion of the previously authorized $10 million stock repurchase plan in the fiscal 2011 third quarter, we believe the decision by our Board of Directors to commit an additional $10 million toward a new repurchase plan demonstrates our continued shared confidence in the long-term prospects of our business and industry. At August 31, 2011, we reported cash and cash equivalents and investments of $43.7 million and no long-term debt. In light of these factors, we believe that this plan is both a prudent use of capital and an additional opportunity to create long-term value for our stockholders.”
About National American University Holdings, Inc.
National American University Holdings, Inc., through its wholly owned subsidiary, operates National American University (“NAU”), a regionally accredited, proprietary, multi-campus institution of higher learning offering associate, bachelor’s, and master’s degree programs in health care and business-related disciplines. Accredited by The Higher Learning Commission and a member of the North Central Association of Colleges and Schools, NAU has been providing technical and professional career education since 1941. NAU opened its first campus in Rapid City, South Dakota, and has since grown to multiple locations throughout the central United States. In 1998, National American University began offering online courses. Today, NAU offers degree programs in traditional, online, and hybrid formats, which provides students increased flexibility to take courses at times and places convenient to their busy lifestyles.