CHARLOTTE, N.C., May 8, 2014 /PRNewswire/ -- Tree.com, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online source for competitive home loan offers, today announced its Board of Directors authorized the repurchase of up to an additional $10 million of the company's common stock under the company's stock repurchase program.
Share repurchases will be implemented through purchases made from time to time in either the open market or private transactions. The timing and extent of the repurchases will depend upon market conditions and other corporate considerations at the Company's sole discretion. Tree.com, Inc. has approximately 11.3 million shares of common stock outstanding and $89.5 million of cash and cash equivalents as of March 31, 2014. This repurchase authorization is in addition to the previous $10 million repurchase program, of which $0.8 million remains.
"The expansion of our stock repurchase program reflects the board's and management's confidence in the company's future, our favorable cash position and our commitment to enhancing shareholder value," said Doug Lebda, Chairman and CEO of Tree.com. "Based on our strong financial performance and our favorable outlook for earnings and cash flow, we believe that share repurchases are an appropriate way to return a portion of excess capital to stockholders while continuing to pursue growth opportunities."
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
The matters contained in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of Tree.com and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates; seasonality of results; potential liabilities to secondary market purchasers; changes in the company's relationships with network lenders; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain customers in a cost-effective manner; ability to develop new products and services and enhance existing ones; competition; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network lenders or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under "Risk Factors" in our Annual Report on Form 10-K for the period ended December 31, 2013, our Quarterly Report on Form 10-Q for the period ended March 31, 2014 and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.
About Tree.com, Inc.
Tree.com, Inc. (NASDAQ: TREE) is the parent of several brands and businesses that provide information, tools, advice, products and services for critical transactions in consumers' lives. Our family of brands includes: LendingTree®, GetSmart®, LendingTreeAutos(SM), LendingTree Education(SM) and LendingTree HomePros(SM). Together, these brands serve as an ally for consumers who are looking to comparison shop for loans, autos, education, home services and other services from multiple businesses and professionals who will compete for their business.
Tree.com, Inc. is headquartered in Charlotte, NC and maintains operations solely in the United States. For more information, please visit www.tree.com.
SOURCE Tree.com, Inc.