Grand Canyon Education, Inc. Announces Increase in Stock Repurchase Program
PHOENIX, Aug. 4, 2011 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE) announced today that the Company's Board of Directors has increased the authorization under its existing stock repurchase program by $25,000,000 to a total of $50,000,000. The Company had less than $1,900,000 left under its original $25,000,000 authorization.
The new authorization allows the Company to repurchase from time to time at management's discretion up to an additional $25,000,000 of the Company's common stock during the period ending September 30, 2012, unless such period is extended or shortened by the Board of Directors. As of July 29, 2011, the Company had 44,294,925 million shares of common stock outstanding.
The plan permits the Company to make purchases in the open market at prevailing market prices or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements. The level of purchase activity is subject to market conditions and other investment opportunities. The plan does not obligate Grand Canyon Education to acquire any particular amount of common stock and may be suspended or discontinued at any time. The repurchase program may be funded using the Company's available cash, short-term investments and revolving credit facility. As of June 30, 2011, the Company had unrestricted cash and cash equivalents of $14.7 million and restricted cash and cash equivalents of $45.9 million.
About Grand Canyon Education, Inc.
Grand Canyon Education, Inc. is a regionally accredited provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, healthcare and liberal arts. In addition to its online programs, it offers programs at its traditional campus in Phoenix, Arizona and onsite at the facilities of employers. Approximately 39,500 students were enrolled as of June 30, 2011. For more information about Grand Canyon Education, Inc., please visit http://www.gcu.edu.
SOURCE Grand Canyon Education, Inc.