Molina Healthcare, Inc. (NYSE: MOH) today announced that its Board of
Directors has authorized the repurchase of up to $50 million in
aggregate of the Company’s common stock. The repurchase program is
effective as of September 30, 2013, and will be funded by existing cash
on hand.
Stock repurchases under this program may be made through open-market
and/or privately negotiated transactions at times and in such amounts as
management deems appropriate. The timing and actual number of shares
repurchased will depend on a variety of factors including price,
corporate and regulatory requirements and other market conditions.
The repurchase program extends through December 31, 2014, but the
Company reserves the right to suspend or discontinue the program at any
time. This newly authorized repurchase program replaces in its entirety
the $75 million repurchase program adopted by the Board of Directors on
February 13, 2013.
About Molina Healthcare, Inc.
Molina Healthcare, Inc., a FORTUNE 500 company, provides quality and
cost-effective Medicaid-related solutions to meet the health care needs
of low-income families and individuals and to assist state agencies in
their administration of the Medicaid program. Our licensed health plans
in California, Florida, Illinois, Michigan, New Mexico, Ohio, Texas,
Utah, Washington, and Wisconsin currently serve approximately 1.8
million members, and our subsidiary, Molina Medicaid Solutions, provides
business processing and information technology administrative services
to Medicaid agencies in Idaho, Louisiana, Maine, New Jersey, and West
Virginia, and drug rebate administration services in Florida. More
information about Molina Healthcare is available at www.molinahealthcare.com.
Cautionary Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains “forward-looking
statements” regarding our stock repurchase program. All of our
forward-looking statements are based on our current expectations that
are subject to numerous risk factors that could cause actual results to
differ materially. Such risk factors include, without limitation,
fluctuations in our common stock price or market conditions, the
availability of common stock for repurchase, our access to capital to
make such repurchases, and our ability to make appropriate, timely and
beneficial decisions as to when, how and if to purchase shares under the
program. Additional information regarding the risk factors to which we
are subject is provided in greater detail in our periodic reports and
filings with the Securities and Exchange Commission, including our most
recent Annual Report on Form 10-K. These reports can be accessed under
the investor relations tab of our company website or on the SEC’s
website at www.sec.gov.
Given these risks and uncertainties, we can give no assurances that our
forward-looking statements will prove to be accurate, or that any other
results or events projected or contemplated by our forward-looking
statements will in fact occur, and we caution investors not to place
undue reliance on these statements. All forward-looking statements in
this release represent our judgment as of the date hereof, and we
disclaim any obligation to update any forward-looking statements to
conform the statement to actual results or changes in our expectations
that occur after the date of this release.
Copyright Business Wire 2013