|OCTOBER 9, 1998|
|Knight/Trimark Group's Board of Directors Authorizes Stock Repurchase Program; Company Expects to Meet or Slightly Exceed Estimates for 1998 Third Quarter|
|JERSEY CITY, N.J., Oct. 9 /PRNewswire/ -- Knight/Trimark Group, Inc.
(Nasdaq: NITE), a leading market maker in Nasdaq securities and the
over-the-counter (OTC) market for NYSE- and AMEX-listed equity
securities (the Third Market), announced today that its Board of
Directors has approved a program to repurchase, over a period of up to
eighteen months, shares of the Company's outstanding Class A common
stock up to a total amount equal to the greater of $20 million or 3 million
shares. The Company may repurchase shares from time to time in the
open market or through privately negotiated transactions, depending on
prevailing market conditions, alternative use of capital and other
factors. The program will be in effect as of October 13, 1998.
Knight/Trimark Group currently has approximately 53 million shares of
common stock outstanding.
"Our strong financial and industry leadership position and the continued implementation of our strategic business plan have enabled us to make additional investments in our current business and technological infrastructure and to build market share. Knight/Trimark is clearly on course to meet or slightly exceed analysts' earnings expectations for the third quarter,'' noted Kenneth D. Pasternak, President and Chief Executive Officer of Knight/Trimark Group. ``Accordingly, we believe that, at its current price levels and in conjunction with our expected strong third quarter performance, Knight/Trimark's stock is an attractive investment. The repurchase program reflects our confidence in the Company and its growth potential and underscores our commitment to enhancing long-term value for our shareholders, our clients and our employees."
The Company expects to announce third quarter results on or about October 21, 1998.
Knight/Trimark Group, Inc. is a leading market maker in both Nasdaq securities and the over-the-counter market for New York Stock Exchange (NYSE)- and American Stock Exchange (AMEX)-listed equity securities -- the Third Market. Knight/Trimark is the parent company of Knight Securities and Trimark Securities. Knight Securities trades in approximately 7,500 equity securities listed on Nasdaq and on the OTC Bulletin Board (OTCBB) of the National Association of Securities Dealers (NASD). Trimark Securities trades NYSE- and AMEX-listed equity securities over the counter. Knight/Trimark Group, Inc. is "Dedicated to Execution Solutions."(TM)
The matters described herein contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control which could cause actual results to differ materially from historical results, performance or other expectations and from any opinions or statements expressed with respect to future periods. These factors include, but are not limited to, the Company's ability to implement its growth strategies, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, intellectual property rights, and other factors detailed in the Company's registration statement and periodic reports filed with the Securities & Exchange Commission.
SOURCE: Knight/Trimark Group, Inc.