Accretive to Earnings
NORCROSS, Ga.--(BUSINESS WIRE)--Dec. 3, 2012--
FleetCor Technologies, Inc. (NYSE: FLT) today announced that it has
completed its previously announced purchase of approximately 3.85
million shares of FleetCor common stock at $51.91 per share pursuant to
a share repurchase agreement with certain of its private equity
shareholders associated with Summit Partners and Bain Capital.
“On a pro forma basis, using actual results through September 30, 2012
and our prior guidance, the repurchase is expected to be accretive to
full-year 2012 earnings by approximately $0.13 per diluted share,” said
Ron Clarke, chairman and chief executive officer, FleetCor Technologies,
Inc. “We believe that buying back shares from our legacy investors will
help to reduce the share overhang and leaves us sufficient liquidity to
execute our acquisition plans.”
The share repurchase was effected in a private transaction and FleetCor
funded the $200 million aggregate purchase price with borrowings under
its credit facilities.
This press release contains forward-looking statements within the
meaning of the federal securities laws. Statements that are not
historical facts, including statements about FleetCor’s beliefs,
expectations and future performance, are forward-looking statements.
Forward-looking statements can be identified by the use of words such as
“anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project”
or “expect,” “may,” “will,” “would,” “could” or “should,” the negative
of these terms or other comparable terminology. Examples of
forward-looking statements in this press release include statements
relating to the accretive effect of the share repurchase on earnings and
expectations regarding the reduction of share overhang and liquidity.
These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those contained in any forward-looking statement, such as the risks and
uncertainties identified under the caption “Risk Factors” in FleetCor’s
Annual Report on Form 10-K for the year ended December 31, 2011, filed
with the Securities and Exchange Commission on February 29, 2012 and
FleetCor’s Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 9, 2012. FleetCor believes these
forward-looking statements are reasonable; however, forward-looking
statements are not a guarantee of performance, and undue reliance should
not be placed on such statements. The forward-looking statements
included in this press release are made only as of the date hereof, and
FleetCor does not undertake, and specifically disclaims, any obligation
to update any such statements or to publicly announce the results of any
revisions to any of such statements to reflect future events or
FleetCor is a leading global provider of fuel cards and workforce
payment products to businesses. FleetCor’s payment programs enable
businesses to better control employee spending and provide
card-accepting merchants with a high volume customer base that can
increase their sales and customer loyalty. FleetCor serves commercial
accounts in North America, Latin America, and Europe. For more
information, please visit www.fleetcor.com.
Source: FleetCor Technologies, Inc.
FleetCor Technologies, Inc.