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
Date of Report (Date of earliest event reported): August 16, 2010
Grand Canyon Education, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-34211 | 20-3356009 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 3300 W. Camelback Road Phoenix, Arizona |
85017 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (602) 639-7500
| (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:
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 8.01. Other Events.
On August 16, 2010, Grand Canyon Education, Inc. issued a press release announcing that its Board of Directors has adopted a stock repurchase program, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
As described in Item 8.01 of this Current Report on Form 8-K, the following Exhibit is filed as Exhibit 99.1 to this Current Report on Form 8-K.
(d) Exhibits
99.1 |
Grand Canyon Education, Inc. press release announcing that its Board of Directors has adopted a stock repurchase program, dated August 16, 2010. |
SIGNATURES
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.
Date: August 16, 2010
| GRAND CANYON EDUCATION, INC. | |||||
| By: | /s/ Daniel E. Bachus | ||||
| Daniel E. Bachus | |||||
| Chief Financial Officer | |||||
| (Principal Financial and Principal Accounting Officer) | |||||
EXHIBIT INDEX
Exhibit
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Number
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Description | |
99.1
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Grand Canyon Education, Inc. press release announcing its Board of Directors has adopted a stock repurchase program, dated August 16, 2010. |
Exhibit 99.1
GRAND CANYON EDUCATION, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Phoenix, AZ, August 16, 2010 – Grand Canyon Education, Inc. (NASDAQ: LOPE) announced today that the Company’s Board of Directors has adopted a program to repurchase from time to time at management’s discretion up to $25.0 million of the Company’s common stock during the period ending September 30, 2011, unless such period is extended or shortened by the Board of Directors. As of August 5, 2010, the Company had 45.8 million shares of common stock outstanding.
The purchases may be made in the open market at prevailing market prices or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements. The level of purchase activity is subject to market conditions and other investment opportunities. The plan does not obligate Grand Canyon Education to acquire any particular amount of common stock and may be suspended or discontinued at any time. The repurchase program will be funded using the Company’s available cash and short-term investments. As of June 30, 2010, the Company had unrestricted cash, cash equivalents and marketable securities of $43.4 million and restricted cash, cash equivalents and investments of $30.7 million.
About Grand Canyon Education, Inc.
Grand Canyon Education, Inc. is a regionally accredited provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, and healthcare. In addition to its online programs, it offers programs at its traditional campus in Phoenix, Arizona and onsite at the facilities of employers. Approximately 36,300 students were enrolled as of June 30, 2010. For more information about Grand Canyon Education, Inc., please visit http://www.gcu.edu.