CEO of Capital One Purchases $5 Million of Capital One Common Stock
Commenting on the purchase, Mr. Fairbank said, "The fundamentals of the company have never been stronger. Capital One is enjoying excellent credit quality, strong loan growth and exceptional earnings power, and we expect these trends to continue for the foreseeable future."
On July 16, 2002, the company announced its 20th consecutive quarter of record earnings and that it was raising its target for earnings per share growth for 2002 to 30 percent, up from the previous guidance of 20 percent. The company also announced that it expected to report earnings per share growth in 2003 of 20 percent or more, consistent with its historical financial performance since 1995. However, the company's stock price was down significantly for the week on news that it expected to enter into an informal memorandum of understanding with bank regulators addressing certain regulatory matters.
On Thursday, July 18, 2002 Capital One's stock price closed at $33.31 per share as compared with a high for the past year of $65.90.
The company cautioned that its current expectations for 2002 earnings and future growth are forward looking statements and actual results could differ materially from current expectations due to a number of factors, including: competition in the credit card industry; the actual account and balance growth achieved by the company; the company's ability to access the capital markets at attractive rates and terms to fund its operation and future growth; and general economic conditions affecting consumer income spending, which may affect consumer bankruptcies, defaults and charge-offs. A discussion of these and other factors can be found in Capital One's annual and other reports filed with the Securities and exchange Commission, including, but not limited to, Capital One's report of Form 10-7 for the year ended December 31, 2001 and the current Form 8-K dated July 16, 2002.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation (http://www.capitalone.com ) is a holding company whose principal subsidiaries, Capital One Bank and Capital One F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 48.6 million accounts and $53.2 billion in managed loans outstanding as of June 30, 2002. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.
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