8x8 Board of Directors Authorizes New $20 Million Share Repurchase Program
March 02 2015 - 8:15AM
Business Wire
Previous $15 Million Share Repurchase Program
Completed on February 19, 2015
8x8, Inc. (NASDAQ:EGHT), a leading provider of cloud-based
unified communications and contact center solutions, today
announced that its Board of Directors has approved a new share
repurchase program authorizing up to $20 million in repurchases of
the Company’s outstanding shares of common stock. 8x8 had $187.9
million in cash, cash equivalents and investments as of December
31, 2014.
“Given our strong balance sheet and history of generating
positive operating cash flow, management and the Board believe
that, based on the current price of our common stock, this $20
million share repurchase is a prudent use of our capital which
allows us to increase shareholder value, offset dilution
attributable to our stock-based compensation plans and yet maintain
sufficient liquidity to invest in strategic growth initiatives,
including acquisitions,” stated 8x8 CEO Vik Verma.
Repurchases of shares under the program will be made pursuant to
a pre-arranged Rule 10b5-1 share repurchase plan, under which
transactions would be effected in accordance with specified price,
volume and timing conditions. A plan under Rule 10b5-1 of the
Securities Exchange Act of 1934 allows a company to repurchase
shares at times when it otherwise might be prevented from doing so
under insider trading laws or due to self-imposed trading blackout
periods. Because repurchases under a Rule 10b5-1 share repurchase
plan are subject to specified parameters, there can be no assurance
regarding the number of shares, if any, that will be repurchased
pursuant to the plan, and the Company may discontinue repurchases
and terminate the plan at any time.
On February 19th, 2015, the Company completed $15 million of
common stock share repurchases under the previous share repurchase
program announced in July 2014.
About 8x8, Inc.
8x8, Inc. (NASDAQ:EGHT) is the trusted provider of secure and
reliable cloud-based unified communications and virtual contact
center solutions to more than 40,000 businesses operating in over
40 countries across six continents. 8x8's out-of-the-box cloud
solutions replace traditional on-premise PBX hardware and
software-based systems with a flexible and scalable Software as a
Service (SaaS) alternative, encompassing cloud business phone
service, contact center solutions, and web conferencing. For
additional information, visit www.8x8.com, or www.8x8.com/UK or
connect with 8x8 on Google+, Facebook, LinkedIn and Twitter.
Forward Looking
Statements
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
and Section 21E of the Securities Exchange Act of 1934. These
statements include, without limitation, information about future
events based on current expectations, potential product development
efforts, near and long-term objectives, potential new business,
strategies, organization changes, changing markets, future business
performance and outlook. Such statements are predictions only, and
actual events or results could differ materially from those made in
any forward-looking statements due to a number of risks and
uncertainties. Actual results and trends may differ materially from
historical results or those projected in any such forward-looking
statements depending on a variety of factors. These factors
include, but are not limited to, customer acceptance and demand for
our products and services, the reliability of our services, the
prices for our services, customer renewal rates, customer
acquisition costs, actions by our competitors, including price
reductions for their telephone services, potential federal and
state regulatory actions, compliance costs, potential warranty
claims and product defects, our needs for and the availability of
adequate working capital, our ability to innovate technologically,
the timely supply of products by our contract manufacturers,
potential future intellectual property infringement claims that
could adversely affect our business and operating results, and our
ability to retain our listing on the NASDAQ Capital Market. For a
discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see “Risk Factors” in the Company’s
reports on Forms 10-K and 10-Q, as well as other reports that 8x8,
Inc. files from time to time with the Securities and Exchange
Commission. All forward-looking statements are qualified in their
entirety by this cautionary statement, and 8x8, Inc. undertakes no
obligation to update publicly any forward-looking statement for any
reason, except as required by law, even as new information becomes
available or other events occur in the future.
8x8, Inc.Joan Citelli, 408-654-0970Joan.citelli@8x8.com
8x8 (NYSE:EGHT)
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