For Immediate Release
WINDSOR, CT, November 14, 2014 (GLOBE NEWSWIRE) SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), a global provider of financial services software and software-enabled services, today announced that as part of the Company’s long-term strategy to maximize stockholder value, its board of directors has adopted a dividend policy under which it intends to declare quarterly cash dividends on shares of its common stock and class A common stock, in the amount of $0.125 per share. The Company also announced the first quarterly dividend of $0.125 per share will be paid on December 15, 2014 to stockholders of record on December 1, 2014.
The Company will review the dividend policy regularly and any future dividends will be at the discretion of the board of directors after taking into account the Company’s cash flow, earnings, financial position and other relevant matters.
SS&C also announced today that its Board of Directors has authorized the repurchase of up to $200 million of the Company's common stock from time to time on the open market or in privately negotiated transactions.
The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with SS&C’s stock plans and for other corporate purposes.
“The board of directors has decided to return a portion of our cash flow to our shareholders in the form of cash dividends. This action is being taken in light of our strong balance sheet and the powerful cash generating aspects of our business model,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “The board also authorized a $200 million stock repurchase program. Together, these actions demonstrate the confidence the board has in our current and future prospects. We continue to be very interested in acquiring complementary businesses and we believe we have sufficient financial capacity to be a consolidator in both the financial technology and fund administration sectors.”
Certain statements contained in this press release constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words “believes”, “anticipates”, “plans”, “expects”, “estimates”, “projects”, “forecasts”, “may” and “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management’s best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. The statements in this press release that could be deemed forward-looking statements include statements regarding the Company’s intention to pay quarterly cash dividends to its shareholders and the Company’s intention to repurchase shares. Potential risks and uncertainties that could cause actual results to differ materially from those anticipated include, but are not limited to, the risks described under the heading “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and the Company’s other filings filed with the U.S. Securities and Exchange Commission.
The Board of Directors will consider on a quarterly basis factors such as cash flow, earnings, cash and cash equivalents on the Company’s balance sheet, overall financial position, and other relevant matters in its determination of whether to pay a cash dividend and the amount of such dividend. In the event the Board of Directors determines it is not in the best interests of the Company to pay a cash dividend, the Board may decide to postpone, reduce or cancel such cash dividends.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 6,900 financial services organizations, from the world’s largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $26 trillion in assets.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
© 2014 SS&C Technologies Holdings, Inc