Hey ... get off of this thread! <G>
Welcome, Joseph!
They purchased an additional 2.286 mm shares last year ... 13% of the outstanding repurchased since Dec. 31, 1996 ... and 30% since Dec. 31,1994.
They had $53mm remaining under the new authorization entering the 4Q of 1998 ... they bought back another ~587k during the quarter ... which probably cost them another $15 or $16 million [I do not have the exact figures in my notes] ... hopefully, they are buying the #$%! out of it this quarter ... if so, they will need to get another authorization soon ... like in the 2nd quarter ... but, that depends on how aggressive they have been recently.
They certainly should have the cash flow to burn through the $100mm ...
--Duker
Springfield, Ill. January 6, 1998
Horace Mann authorizes additional share repurchase program
Horace Mann Educators Corporation (NYSE:HMN) announced today its Board of Directors has authorized an additional $100 million for repurchase of the company's common stock.
To date, Horace Mann has used $91.2 million of the $100 million authorized for share repurchases in February 1997. Shares may be purchased using the remaining portion of the 1997 authorization and any or all of the newly authorized $100 million from time to time on the open market and in private purchases as available. If the entire $100 million in the newly authorized program is utilized, at current market prices, the shares repurchased would represent approximately 8% of the Company's outstanding shares of common stock.
Founded in 1945 and headquartered in Springfield, Ill., Horace Mann sells retirement annuities and automobile, homeowners and life insurance to the nation's educators through an exclusive sales force of more than 1,000 agents. |
