Damage control from PVN. I want to see more defiance like this.
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Providian Financial Reaffirms Earnings Guidance
PR Newswire - May 20, 1999 09:15
SAN FRANCISCO, May 20 /PRNewswire/ -- Providian Financial today reaffirmed its earnings guidance for 1999 of $3.50 per share, or 72% over 1998, and for 2000 of $4.72, or 35% over 1999.
"The fundamentals of Providian Financial's business remain rock solid and we are extremely proud of our accomplishments, compliance and track record, both in our businesses and in our communities," said Shailesh Mehta, Chairman and Chief Executive Officer. "In fact, the current valuation of our stock presents an advantageous opportunity for us to ramp up purchases of our shares," added Mehta. Under a previously announced repurchase program, Providian Financial has authorization to repurchase up to $500 million of its stock in private or open market transactions.
Providian Financial Corporation (www.providian.com) is a leading provider of lending and deposit products to consumers nationwide. With $16 billion in assets under management and over 9 million customers, Providian Financial serves a broad, diversified market with loan products that include credit cards, revolving lines of credit, home loans, secured cards and fee-based services. San Francisco-based Providian Financial (NYSE: PVN) is one of the ten largest bankcard issuers in the nation, and in 1998 ranked as the seventh best performing stock in the S&P 500 and the single best performing stock in the S&P Financial Composite Index.
Statements contained herein as to Providian Financial's expectations and goals are forward looking statements under the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in these statements, due to portfolio characteristics, economic conditions, competition in the industry and other factors. More information on risk factors affecting the Company is available under the heading "Cautionary Statements" in the Company's 1998 Annual Report on Form 10-K on file with the SEC.
SOURCE Providian Financial Corporation
/CONTACT: Media: Laurie Cole, 415-278-4844; Investors: Nancy Math,
415-278-4483; and Jack Carsky, 415-278-4977, all of Providian Financial/ |
