>>>USE OF PROCEEDS We expect to receive approximately $105,147,150 (approximately $128,623,313 if the underwriters exercise their over-allotment option in full) from the sale of the 2,350,000 shares of common stock offered by us at an assumed public offering price of $47.07 per share.
FROM THE SEC DOCS.
sec.gov
CHECKFREE HOLDINGS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) (IN THOUSANDS)
Purchase of treasury stock (31,161) --
6. During the quarter ended September 30, 1998, the Company purchased 575,000 shares of its common stock and recorded them as treasury shares. During the quarter ended December 31, 1998, the Company purchased an additional 4,130,341 shares of its common stock and recorded them as treasury shares. At December 31, 1998, the Company had retired all except 1,000,000 shares of its treasury stock and anticipates retiring the remaining shares during the next
quarter.
Looks like they took advantage of an extremely depressed share prices last fall especially in that Quarter ended 12/31/98, like some of us did too. Spending 31 Million in cash to buy themselves back, grabbing 4.1 Million shares which were already out there and retired them to treasury. Now they are selling back as a Company 1/2 of the total they bought back 8 months ago for a 500% gain. Which in effect adds 70 Million more dollars to the coffer, and still leaves them with 1/2 the shares they origionally bought back and retired.
If like Scott says this internet thing continues the decline and Checkfree hits $28...what would stop CheckFree from taking the 100 Million and buying another 4 Million shares back and retire it again? They might find this to be a good investment.....and trader.
In any case....that's a good turn on investment in such a short time frame. |
