MeetMe Announces Share Repurchase Program
September 29 2015 - 9:00AM
Business Wire
MeetMe, Inc. (NASDAQ: MEET), the public market leader for social
discovery, today announced that its board of directors has
authorized a $1 million share repurchase program relating to its
common stock. Shares may be repurchased in the open market or
through negotiated transactions. The amount and timing of specific
transactions are subject to market conditions, applicable legal
requirements and other factors and may be suspended or discontinued
at any time. The authorization does not have a specified expiration
date, but the company anticipates completing the repurchases in the
next six months. Share repurchases will be funded with cash from
operations.
“In 2014 we increased our adjusted EBITDA by 177 percent versus
the prior year, and our adjusted EBITDA for the first six months of
this year exceeded all of 2014 by approximately $1 million,” said
David Clark, MeetMe’s Chief Financial Officer. “Given our strong
financial performance, we believe now is an appropriate time to
begin leveraging our cash position to return value to our existing
shareholders.”
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in
the US and the public market leader for social discovery (NASDAQ:
MEET). MeetMe makes it easy to discover new people to chat with on
mobile devices. With approximately 80 percent of traffic coming
from mobile and more than one million total daily active users,
MeetMe is fast becoming the social gathering place for the mobile
generation. MeetMe is a leader in mobile monetization with a
diverse revenue model comprising advertising, native advertising,
virtual currency, and subscription. MeetMe apps are available on
iPhone, iPad, and Android in multiple languages, including English,
Spanish, Portuguese, French, Italian, German, Chinese (Traditional
and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For
more information, please visit meetmecorp.com.
Cautionary Note Concerning Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the anticipated
amount and timing of share repurchases, whether any such
repurchases will occur, whether shares will be repurchased in the
open market or through negotiated transactions, and whether
adjusted EBITDA will increase in the future. All statements other
than statements of historical facts contained herein are
forward-looking statements. The words “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “could,”
“target,” “potential,” “project,” “is likely,” “expect” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs. Important factors that could cause actual
results to differ from those in the forward-looking statements
include the risk that our applications will not function easily or
otherwise as anticipated, the risk that we will not launch
additional features and upgrades as anticipated, the risk that
unanticipated events affect the functionality of our applications
with popular mobile operating systems, any changes in such
operating systems that degrade our mobile applications’
functionality and other unexpected issues which could adversely
affect usage on mobile devices. Further information on our risk
factors is contained in our filings with the Securities and
Exchange Commission (“SEC”), including the Form 10-K for the year
ended December 31, 2014, and the Current Report on Form 8-K filed
on June 3, 2015. Any forward-looking statement made by us herein
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20150929005601/en/
Investor Contact:MKR Group, Inc.Todd Kehrli or Jim Byers,
323-468-2300meet@mkr-group.com
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