The First American Corporation Announces Stock Buy-Back Program
May 19, 2004
Board Authorizes Repurchase of Up to $100 Million in FAF Stock
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The board of directors the First American Corporation (NYSE: FAF) has approved the repurchase of up to $100 million of the company's currently issued and outstanding common shares. Purchase of shares will be made from time to time in open market transactions at prevailing prices. The amount and timing of any share repurchases will depend on, among other factors, the market performance of the shares; the availability of, and alternative uses of, the company's funds; and Securities and Exchange Commission regulations.
"The current market price of our stock does not begin to reflect our success in transforming First American into a diversified provider of data and data-related products and services," stated Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. "Given our current stock price and growth prospects, we believe a repurchase of our shares represents an excellent investment opportunity."
Source: The First American Corporation