KANSAS CITY, Mo., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq:CERN) today announced that its board of directors has approved a stock repurchase program, authorizing the repurchase of up to $170 million of its common stock. The company plans to repurchase shares from time to time in the open market, by block purchase, or possibly through other transactions managed by broker-dealers. No time limit was set for completion of the program.
Based on the Dec. 12, 2012 closing price, approximately 2.1 million shares, or 1.2 percent of the company's shares outstanding, could be repurchased. The repurchase is intended to offset a portion of the dilution created by future equity grants and will be funded from working capital. The previous stock repurchase program approved by Cerner's board of directors in 2008 has been terminated.
"At current prices, we believe the repurchase of our stock is a good use of funds," stated Neal Patterson, Cerner's chairman, CEO, president and co-founder. "This program reflects our commitment to enhancing long-term shareholder value and our confidence in Cerner's prospects as a leader in the growing health care industry."About Cerner Cerner is contributing to the systemic change of health and care delivery. For more than 30 years Cerner has been executing its vision to make health care safer and more efficient. We started with the foundation of digitizing paper processes and now offer the most comprehensive array of information software, professional services, medical device integration, remote hosting and employer health and wellness services. Cerner systems are used by everyone from individual consumers, to single-doctor practices, hospitals, employers and entire countries. Taking what we've learned over more than three decades, Cerner is building on the knowledge that is in the system to support evidence-based clinical decisions, prevent medical errors and empower patients in their care.