Ameritrade Announces Extension of Share Repurchase Program.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--May 6, 2004 Ameritrade Holding Corporation (Nasdaq:AMTD AMTD Arithmetic Mean Temperature Difference AMTD Automatic Magnetic Tape Distribution AMTD Affordability and Manufacturing Technology Demonstration ) announced today that its board of directors extended its share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program through May 5, 2006. The program was first authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: in September 2002. Under the common share repurchase program, as extended, Ameritrade may repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. , from time to time, up to 70 million of its common shares, a 30 million-share increase from the previous authorization. Depending on market conditions and other factors, these purchases may be commenced, or suspended, at any time without prior notice. Ameritrade had approximately 417.6 million shares outstanding as of April 30, 2004. "We believe our pre-tax margins and scalability make us an attractive investment opportunity, thus we have already invested about $292 million in repurchasing 31.7 million shares of our stock through April 30," said Joe Moglia Joe Moglia is the current CEO of TD Ameritrade, the largest online discount brokerage firm in the world. Born in Queens, New York, Moglia was a football coach for 16 years, finishing as a Dartmouth College assistant from 1981-1983. , chief executive officer. "Extending this program makes sense based on Ameritrade's potential and our commitment to shareholders." About Ameritrade Holding Corporation Ameritrade Holding Corporation has a 29-year history of providing investment services to self-directed individuals. Ameritrade develops and provides innovative products and services tailored to meet the varying investing and portfolio management needs of individual investors and institutional distribution partners. A brokerage industry leader, Ameritrade, Inc.,(1) a subsidiary of Ameritrade Holding Corporation, received Forbes "Best of Web" honors. For more information, please visit www.amtd.com. (1) Ameritrade, Inc., member NASD/SIPC |
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