UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
October 17, 2011
Date of report (Date of earliest event reported):
INVESTMENT TECHNOLOGY GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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001-32722 |
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95-2848406 |
(State or Other Jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer |
Incorporation) |
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Identification No.) |
380 Madison Avenue
New York, New York 10017
(Address of Principal Executive Offices)
(212) 588-4000
Registrants telephone number, including area code:
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Item 2.02 Results of Operations and Financial Condition.
On October 17, 2011, Investment Technology Group, Inc. (the Company) issued a press release announcing preliminary financial results for its third quarter ending on September 30, 2011. A copy of this press release is attached hereto as Exhibit 99.1.
The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 8.01 Other Events
On October 17, 2011, the Company issued a press release announcing that its Board of Directors has authorized the repurchase of an additional 4 million shares of the Companys common stock, bringing the total number of shares currently available for repurchase to 4.9 million shares. A copy of this press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibits |
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99.1 |
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Press release issued by Investment Technology Group, Inc. on October 17, 2011. |
ITG Forward Looking Statements
In addition to historical information, this press release may contain forward-looking statements that reflect managements expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout ITGs 2010 Annual Report on Form 10-K, and its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in ITGs systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of customers trades, customer trading patterns, the success of ITGs products and service offerings, ITGs ability to continue to innovate and meet the demands of customers for new or enhanced products, ITGs ability to successfully integrate acquired companies, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, ITGs ability to attract and retain talented employees, general economic, business, credit and financial market conditions, internationally or nationally, as well as ITGs ability to achieve cost savings from its previously announced cost reduction plan. The forward-looking statements included herein represent ITGs views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INVESTMENT TECHNOLOGY GROUP, INC. | ||
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Date: October 17, 2011 |
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By: |
/s/ STEVEN R. VIGLIOTTI |
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Steven R. Vigliotti |
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Chief Financial Officer and |
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Duly Authorized Signatory of Registrant |
Exhibit 99.1
FOR IMMEDIATE RELEASE
ITG Increases Share Repurchase Authorization and Provides Third Quarter 2011 Earnings Guidance
NEW YORK, October 17, 2011 Investment Technology Group, Inc. (NYSE: ITG), a leading agency research broker and financial technology firm, today announced that its Board of Directors has authorized the repurchase of an additional 4.0 million shares, bringing the total number of shares currently available for repurchase to 4.9 million shares. Any future share repurchases will be made on the open market or in privately negotiated transactions. The timing and number of shares repurchased will be dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions.
The additional authorization by the Board supports our disciplined approach to enhancing stockholder value through a capital deployment program that includes share repurchases funded by our free cash flow, said Steve Vigliotti, ITGs Chief Financial Officer.
Since ITG resumed its share repurchase activity in the first quarter of 2010, it has repurchased 5.1 million shares for $78.5 million, including 950,000 shares in the third quarter of 2011 for $10.4 million. At September 30, 2011 ITG had 40.1 million shares outstanding.
ITG today also announced that it expects earnings for the third quarter of 2011 to be in the range of $0.23 to $0.25 per diluted share, compared to earnings of $0.14 per diluted share for the third quarter of 2010.
The improvement in third quarter 2011 results reflects both higher global trading volumes and our focus on cost management across our platform, said ITGs Chief
Executive Officer and President, Bob Gasser. Given the secular changes in the marketplace, we are continuing to implement measures to improve our operational efficiency and to expand our margins.
ITG management will issue a press release with final third quarter results before the market open on Thursday, November 3, 2011, and will provide more details during an earnings call at 11:00 am ET that day.
Those wishing to listen to the call should dial 1-866-713-8567 (1-617-597-5326 outside the US) and enter the passcode 55834260 at least 10 minutes prior to the start of the call to ensure connection. The press release, webcast and accompanying slideshow presentation can be downloaded from ITGs web site at www.itg.com. For those unable to listen to the live broadcast of the call, a replay will be available for one week by dialing 888-286-8010 (1-617-801-6888 outside the US) and entering the passcode 39481098. The replay will be available starting approximately two hours after the completion of the conference call.
In addition to historical information, this press release may contain forward-looking statements that reflect managements expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout ITGs 2010 Annual Report on Form 10-K, and its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in ITGs systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of customers trades, customer trading patterns, the success of ITGs products and service offerings, ITGs ability to continue to innovate and meet the demands of customers for new or enhanced products, ITGs ability to successfully integrate acquired companies, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, ITGs ability to attract and retain talented employees, general economic, business, credit and financial market conditions, internationally or nationally, as well as ITGs ability to achieve cost savings from its previously announced cost reduction plan. The forward-looking statements included herein represent ITGs views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.
About ITG
Investment Technology Group, Inc. is an independent agency research broker that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity, execution services, analytical tools, and proprietary research
insights grounded in data. Asset managers rely on ITGs independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit www.itg.com.
ITG Media/Investor Contact:
J.T. Farley
212-444-6259
corpcomm@itg.com
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