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Capella Education Company (NASDAQ: CPLA), a provider of online post-secondary education, primarily through its wholly owned subsidiary Capella University, today announced that its Board of Directors has approved a $50 million increase to its share repurchase program. This increase is in addition to the $6 million that was remaining under the program as of June 30, 2013.
The share repurchases will be made in the open market at prevailing market prices or in privately negotiated transactions using existing resources and cash generated from operations. The Company may also repurchase shares pursuant to a 10b5-1 plan which allows the Company to purchase shares during corporate black-out periods. While the company expects to take advantage of market conditions, the timing and extent of any repurchases, the trading price of the Company’s shares and other factors are subject to restrictions relating to volume, price and timing under applicable law. The repurchase program may be modified, suspended or terminated at any time by the Company without notice.
Certain information in this news release does not relate to historical financial information, including statements relating to our future prospects and our expectations regarding our revenues, enrollment, and operating performance, and may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions investors not to place undue reliance on any such forward-looking statements, which are based on information available at the time those statements are made or management's good faith belief as of that time with regard to future events, and should not be read as a guarantee of future performance or results. Such statements are subject to certain risks and uncertainties that could cause the company's actual results in the future to differ materially from its historical results and those presently anticipated or projected. The company undertakes no obligation to update its forward-looking statements to reflect events or circumstances arising after such date.