CHICAGO, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Allscripts Healthcare Solutions (NASDAQ:MDRX) announced today that its Board of Directors has approved a new stock repurchase program under which Allscripts may purchase up to $200 million of its common stock through December 31, 2019.
The new stock repurchase program supersedes the previously existing stock repurchase program, which authorized Allscripts to repurchase $150 million of its common stock through December 31, 2018. Under the prior program, Allscripts repurchased 8.1 million shares or approximately $97 million of shares of common stock.
Under the new program, Allscripts could repurchase approximately 18.4 million additional shares, or approximately 10 percent of the company's outstanding shares as of October 30, 2016 based on the November 17, 2016 closing price.
"Extending and expanding Allscripts share repurchase program reflects our ongoing commitment to enhance shareholder value," said Melinda Whittington, Allscripts Chief Financial Officer. "The new program represents an attractive component of our capital deployment strategy and our continued confidence in Allscripts long-term growth prospects and free cash flow generation potential.”
Allscripts plans to repurchase shares from time to time in the open market or in privately negotiated transactions, subject to market conditions. There is no guarantee as to the exact number of shares or value that will be repurchased under the stock repurchase program, and Allscripts may discontinue purchases at any time. Whether Allscripts makes any repurchases will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of Allscripts shares, and other factors that management considers relevant.
Allscripts (NASDAQ:MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog.
© 2016 Allscripts Healthcare, LLC and/or its affiliates. All Rights Reserved.
Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.
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This press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition. See our Annual Report on Form 10-K for 2015 and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business. The statements herein speak only as of their date and we undertake no duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations.
Last updated on: 21/11/2016
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