2009 First Quarter Net Income Up 7%; EPS Up 18%
source: PRNewswire
ADA, Okla., April 27 /PRNewswire-FirstCall/ — Pre-Paid Legal Services, Inc. PPD announced results for the first quarter ended March 31, 2009. Net income for the first quarter of 2009 increased 7% to $17.1 million from $15.9 million for the prior year’s first quarter. Diluted earnings per share increased 18% to $1.52 per share from $1.29 per share for the prior year’s comparable quarter due to an increase in net income of 7% and a 9% decrease in the weighted average outstanding shares. Membership fees in the first quarter of 2009 decreased 2% to $106.9 million from $109.1 million for the same period last year.
Net cash provided from operating activities increased 42% to $29.7 million for the first quarter of 2009 from $20.8 million for 2008 primarily due to higher cash taxes paid during the 2008 period.
During the 2009 first quarter, we returned $13.5 million to shareholders through the repurchase of 422,505 shares of common stock, at an average per share price of $32.05. Since April 1999, we have returned $420.7 million to shareholders through the purchase of 14.2 million shares, average price of $29.69 per share, and $17.1 million in dividends for a combined total of $437.8 million representing more than 110% of our net earnings during the same timeframe.
At March 31, 2009, we had $52.6 million of debt outstanding and $68.5 million in cash and cash equivalents and unpledged investments [...]
Read the full press release here
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