They also just announced a stock Repurchase. Great News. This company is going to Rock!!!
Up in premarkets.
Tuesday July 11, 6:16 pm Eastern Time
Company Press Release
SOURCE: JB Oxford Holdings, Inc.
JB Oxford Holdings to Repurchase Stock
Board Authorizes the Open-market Purchase of up to 2 Million Shares of Common Stock
LOS ANGELES, July 11 /PRNewswire/ -- The board of directors of JB Oxford Holdings, Inc. (Nasdaq: JBOH - news), which through its JB Oxford & Company subsidiary is a leading provider of discount brokerage services to clients nationwide, has authorized the repurchase of up to 2 million shares of JB Oxford common stock presently representing 13.9% of basic shares outstanding and 8.4% of the company's fully diluted shares. The shares, which will be purchased from time to time in the open market as opportunities warrant, will be held as treasury shares to be used in connection with the company's stock option plan and for general corporate purposes. No date was established for the completion of the program.
``JB Oxford has enjoyed an outstanding year, punctuated by the introduction of innovative products like JB Oxford N-POWER, the generation of record revenues and profits, industry accolades from Forbes and Money magazine, and the successful settlement of an investigation that has hung over us for more than two years,'' said JB Oxford Chairman and Chief Executive Officer C.L. Jarratt. ``Despite these achievements, the stock's recent trading levels reflect a substantial and, in our opinion, unwarranted discount compared to other firms in our industry. We're optimistic about the future of JB Oxford, and we believe the recent stock price isn't indicative of the company's fair value. For that reason, we believe buying JB Oxford stock is an excellent use of our funds at current prices.''
Since announcing its previous repurchase program on Sept. 11, 1998, JB Oxford has bought approximately 486,600 shares of common stock on the open market. Additionally, the company has:
-- Canceled 400,000 options held by former board members;
-- Repurchased 469,540 shares of stock in privately negotiated
transactions; and
-- Redeemed $500,000 face value senior secured convertible notes with a
conversion price of $0.70 per share.
As a result of these transactions, the company has acquired in excess of 2 million shares of its common stock and common stock equivalents.
``These transactions exemplify management's continuing dedication to achieving our chief objective: enhancing the value of JB Oxford for shareholders by every means at our disposal,'' said President and Chief Operating Officer Jamie Lewis. ``Over the past 18 months, the company has consistently and regularly repurchased shares when market conditions warranted. The current buyback program lets us continue deploying the company's funds in a manner that we believe will benefit all shareholders.''
JB Oxford Holdings, Inc., through its JB Oxford & Company subsidiary, provides discount brokerage services with optional access to personal brokers, electronic banking services, and free Internet access all in one friendly place. The company's one-stop financial destination at jboxford.com was developed to be the easiest, most complete way for consumers to manage their money. The site features online trading, online bill payment, robust stock screening and portfolio tracking tools as well as up-to-the-minute market commentary and research from the world's leading content providers. JB Oxford has branches in New York, Miami and Los Angeles.
This press release contains statements that are forward-looking and comments on market conditions and outlook. Any number of events may occur which would affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, known and unknown risks, customer trading activity, changes in technology, shifts in competitive patterns, decisions with regard to products and services, changes in revenues and profits, significant changes in the market environment, and the outcome of a pending SEC investigation. JB Oxford cannot assure that the SEC investigation will be settled. For a description of the foregoing and other factors, investors and others should refer to the company's filings with the SEC, including its annual report on Form 10-K for the year ended Dec. 31, 1999; its quarterly reports on Form 10-Q; and other periodic filings. JB Oxford undertakes no obligation to update the forward-looking statements contained herein to reflect changed events or circumstances after today's date.
SOURCE: JB Oxford Holdings, Inc. |
