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8-K - EDUCATION MANAGEMENT CORPORATION | v187961_8k.htm |
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FOR:
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Education Management Corporation
COMPANY
CONTACT:
James
Sober, CFA
Vice
President, Finance
(412)
995-7684
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Education
Management Corporation Authorizes Share Repurchase Plan
Pittsburgh, PA, June 11, 2010 -- Education Management
Corporation (NASDAQ:EDMC), one of the largest providers of post-secondary
education in North America, announced a stock repurchase program under which the Company
may purchase up to $50.0 million of its common stock through
June 30, 2011. The Company has not repurchased any shares of its common stock during the
last twelve months.
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 may make repurchases in the open
market, in privately negotiated transactions, accelerated repurchase programs or
in structured share repurchase programs. The program will be conducted in
compliance with applicable legal requirements and shall be subject to market
conditions and other factors.
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.
As of March 31, 2010, the Company had approximately $472.6 million in unrestricted cash and cash equivalents.
About
Education Management
Education
Management (www.edmc.com),
with over 136,000 students as of October 2009, is among the largest providers of
post-secondary education in North America, based on student enrollment and
revenue, with a total of 98 locations in 30 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.