Jack Henry doubles stock buyback plan

The company’s board of directors approved the original repurchase plan in October 2002, authorizing the buyback of 3 million shares. In May 2005, the board increased that plan to repurchase an additional 2 million shares.

Jack Henry will finance its share repurchases with cash reserves or short-term borrowings on its existing credit facility. The financial data-processing and integrated technology provider previously completed the repurchase of 3 million shares in June 2003.

Also today, Jack Henry declared a regular quarterly cash dividend of 5.5 cents per share.

The dividend on its common stock is payable Sept. 22 to shareholders of record Sept. 8. As of Aug. 23, there were 91.2 million outstanding shares.

Shares (Nasdaq: JKHY) closed Friday at $18.77, compared to a 52-week range of $16.56 to $23.77. Shares were trading up at $19.08 as of 11:30 this morning.