|FEBRUARY 28, 2003|
|Knight Trading Group Updates Status of Share Repurchase Program|
|JERSEY CITY, N.J., Feb 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- Knight
Trading Group, Inc. (Nasdaq: NITE) today announced that it has utilized $69.1
million of its previously announced $70 million share repurchase program. As of
today, the company has repurchased approximately 13,767,000 shares.
The company's repurchase activity during the first quarter of 2003 included open market purchases as well as a significant privately negotiated block transaction. The company repurchased a 4,775,000 share block of Knight Trading Group Class A Common Stock at a price of $4.77 per share, a 2.5% discount from its closing price on Thursday February 27, 2003. The privately negotiated block transaction was effected by a dealer on behalf of Ameritrade Holding Corporation.
The company's stock repurchase program was first authorized on April 4, 2002 by Knight's Board of Directors. It allowed for the purchase of outstanding Class A Common Stock of up to a total amount of $35 million. In its July 16, 2002 meeting, the Board of Directors authorized an increase in the size of this repurchase program from $35 million to $70 million.
The company cautions that there are no assurances that any further repurchases may actually occur. No determination has been made at this time as to whether the company will extend or close out the current repurchase program. Knight Trading Group currently has approximately 112 million shares of Class A Common Stock outstanding.
Knight is focused on meeting the needs of institutional and broker-dealer clients by offering the highest quality trade execution, superior service, capital commitment and access to a deep pool of liquidity across the depth and breadth of the market. As a leading execution specialist, Knight broadens our clients' access to the capital markets by providing comprehensive trade execution services in equity securities and option classes. Knight also maintains a $1 billion asset management business for institutions and high net worth individuals. More information about Knight can be obtained at http://www.knighttradinggroup.com.
Copies of this release and other information on the company can be obtained via the Internet at the company's Web site, or by calling the company's toll-free investor information line at 1-877-INFO-NITE.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.
SOURCE Knight Trading Group, Inc.