BOSTON, May 28, 2013 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc., (Nasdaq:LPLA) (the "Company"), parent company of LPL Financial LLC ("LPL Financial"), today announced that its board of directors has authorized the Company to repurchase up to an additional $200 million of its issued and outstanding shares of common stock. This authorization is in addition to the approximately $82 million remaining under the Company's existing share repurchase program, raising the Company's total capacity for share repurchases to $282 million.
Future share repurchases may be made through open market or privately negotiated transactions, with the timing of purchases and the amount of shares purchased generally determined at the discretion of the Company's management.
Statements in this press release regarding future share repurchases constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's expectations as of May 28, 2013, including the expectation that the Company will generate sufficient cash flow to warrant future share repurchases. Forward-looking statements are not guarantees and should not be regarded as a representation by the Company with regard to the size or timing of future share repurchases. The size and timing of actual repurchases may differ significantly from the performance expressed or implied in the forward-looking statements. Important factors that may cause such differences include: the Company's future liquidity and working capital requirements; alternative short- and long-term uses of capital; the price and availability of shares of the Company's common stock; trading volumes; corporate and regulatory considerations, including the Company's right to discontinue repurchases at any time; general market and economic conditions and such other factors as the Company may deem relevant, including those set forth in the Company's Annual Report on Form 10-K for the period ended December 31, 2012. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future developments or otherwise, even if the Company's expectations change, and you should not rely on those statements as representing the Company's view as of any date subsequent to May 28, 2013
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,300 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities offered through LPL Financial. Member FINRA/SIPC.