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8-K - EDUCATION MANAGEMENT CORPORATION | v204919_8k.htm |
FOR:
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Education
Management Corporation
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COMPANY
CONTACT:
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James
Sober, CFA
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Vice
President, Finance
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(412)
995-7684
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Education
Management Corporation Announces Increase to Size of
Stock
Repurchase Program
Pittsburgh,
PA, December 8, 2010 – Education Management Corporation (NASDAQ:EDMC), one of
the largest providers of post-secondary education in North America, announced
that its Board of Directors has increased the size of its stock repurchase
program from $50.0 million to $150.0 million and extended the term of the
program to December 31, 2011. The Company announced the stock
repurchase program on June 11, 2010 and has repurchased 4.2 million shares to
date at a cost of $50.0 million.
Under the
terms of the stock repurchase program, the Company may repurchase its common
stock from time to time, in amounts, at prices and at such times as it deems
appropriate, all subject to market conditions and other
considerations. The Company intends to adopt a 10b5-1 Plan to permit
repurchases during the time when the Company’s insider trading policy would
not allow for the direct purchase of shares by the Company. The program
permits the Company to make repurchases in the open market, in privately
negotiated transactions, accelerated repurchase programs or in structured share
repurchase programs.
The
program does not obligate the Company to acquire any particular amount of common
stock and the program may be modified or suspended at any time at the Company's
discretion. Any repurchases would be funded from available cash on
hand.
About
Education Management
Education
Management (www.edmc.com), with
over 158,300 students as of October 2010, is among the largest providers of
post-secondary education in North America, based on student enrollment and
revenue, with a total of 101 locations in 31 U.S. states and Canada. We offer
academic programs to our students through campus-based and online instruction,
or through a combination of both. We are committed to offering quality academic
programs and continuously strive to improve the learning experience for our
students. Our educational institutions offer students the opportunity to earn
undergraduate and graduate degrees and certain specialized non-degree diplomas
in a broad range of disciplines, including design, media arts, health sciences,
psychology and behavioral sciences, culinary, fashion, business, education,
legal and information technology.
Cautionary
Statement
This
press release includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements typically
contain words such as “anticipates,” “believes,” “estimates,” “expects,”
“intends” or similar words indicating that future outcomes are not known with
certainty and are subject to risk factors that could cause these outcomes to
differ significantly from those projected. Forward-looking statements
include, but are not limited to, statements related to the Company’s future
operating and financial performance, and include statements regarding expected
enrollment, revenue, expense levels, capital expenditures and
earnings. Any such forward-looking statements involve risk and
uncertainties that could cause actual results to differ materially from any
future results encompassed within the forward-looking statements. Cautionary
statements identifying certain factors, but not all factors, that could cause or
contribute to such differences include those matters disclosed in the Company's
Securities and Exchange Commission filings. Past results of Education Management
are not necessarily indicative of its future results. Education Management does
not undertake any obligation to update any forward-looking
statements.