|MasterCard's Board of Directors Announces $1.0 Billion Increase in Class A Share Repurchase Authorization|
PURCHASE, N.Y., Apr 12, 2011 (BUSINESS WIRE) -- MasterCard Incorporated (NYSE: MA) today announced that its Board of Directors has amended its existing share repurchase program authorizing the Company to repurchase an incremental $1.0 billion of its Class A common stock in open market transactions.
The incremental $1.0 billion share repurchase authorization, which is effective immediately, increases its Class A share repurchase program, announced on September 14, 2010, to an aggregate of $2.0 billion.
"Our continued solid business results and cash position enable us to fund an incremental Class A repurchase program," said Ajay Banga, president and chief executive officer, MasterCard Worldwide. "This program demonstrates our commitment to delivering shareholder value, while allowing us the flexibility to continue to execute our business strategy."
Under the existing repurchase program, the Company had completed the repurchase of approximately 3.15 million shares of its Class A common stock at a cost of approximately $788 million through April 11, 2011.
Statements in this press release which are not historical facts, including statements about MasterCard's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company's ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, statements relating to the manner and amount of purchases by MasterCard pursuant to its share repurchase program dependent upon price and market conditions.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company's filings with the Securities and Exchange Commission (SEC), including the company's Annual Report on Form 10-K for the year ended December 31, 2010 and Current Reports on Form 8-K that have been filed with the SEC during 2011, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company's results to differ materially from expected results.
About MasterCard Incorporated
As a leading global payments company, MasterCard Incorporated prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network - the fastest payment processing network in the world - MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard(R), Maestro(R), and Cirrus(R); its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass(TM) and MasterCard inControl(R). MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com.
SOURCE: MasterCard Incorporated