Printer Friendly

JMC GROUP INITIATES CASH DIVIDEND AND AUTHORIZES STOCK REPURCHASE PROGRAM

 SAN DIEGO, Aug. 26 /PRNewswire/ -- JMC Group Inc. (NASDAQ: JMCG) today announced that its board of directors has declared a $0.07 per share cash dividend. The dividend will be paid on Sept. 21, 1993 to shareholders of record at the close of business on Sept. 7, 1993. This is the first cash dividend declared by the company.
 In addition, the board has authorized the repurchase of up to 500,000 shares of the company's common stock through open market purchases from time to time as JMC management deems appropriate. At June 30, 1993, there were 6,907,131 common shares outstanding.
 "These actions by our Board, the initiation of our first cash dividend and the stock repurchase program, are a reflection of the company's commitment to enhancing the value of our shareholders' investment in JMC," said James K. Mitchell, chairman and chief executive officer. "Management remains optimistic about the company's prospects for future growth and continued financial strength."
 JMC Group Inc., through its wholly owned subsidiary James Mitchell & Co., is a a leading marketer of annuities and other insurance products and mutual funds to customers of financial institutions.
 -0- 8/26/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Miriam Adler, 212-850-5600, all of Morgen-Walke, for JMC Group/
 (JMCG)


CO: JMC Group Inc. ST: California IN: FIN SU: DIV

TM-SG -- SF009 -- 6180 08/26/93 13:12 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 26, 1993
Words:230
Previous Article:CELL GENESYS ADDS TWO KEY PRODUCT DEVELOPMENT DIRECTORS
Next Article:ALLIED CLINICAL LABS NOTIFIED TO EXPECT A SUBPOENA
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters