Ancestry.com Inc. Announces New $50 Million Share Repurchase Program
October 26 2011 - 4:11PM
Ancestry.com Inc. (Nasdaq:ACOM), the world's largest online family
history resource, today announced that its board of directors has
authorized the repurchase of up to $50 million of its outstanding
common stock. Ancestry.com shares may be repurchased from time to
time through September 30, 2012 in the open market or in privately
negotiated transactions.
"The decision to initiate this new share repurchase program
reflects our continued confidence in the long-term growth prospects
of the company," said Tim Sullivan, Chief Executive Officer of
Ancestry.com. "Our healthy balance sheet and strong free cash flow
generation, should allow us to continue investing in our business
while also returning capital to stockholders."
Ancestry.com expects to fund the repurchases using cash on hand
and an existing credit facility. The amount and timing of specific
repurchases, if any, will depend on market conditions, stock price,
and other factors. As of September 30, 2011, Ancestry.com had
cash and cash equivalents of $46.9 million and 44.0 million basic
shares of common stock outstanding.
About Ancestry.com
Ancestry.com Inc. (Nasdaq:ACOM) is the world's largest online
family history resource, with approximately 1.7 million paying
subscribers. More than 7 billion records have been added to the
site in the past 15 years. Ancestry users have created more than 28
million family trees containing over 2.8 billion profiles. In
addition to its flagship site www.ancestry.com, Ancestry.com offers
localized Web sites designed for nine countries that empower people
to discover, preserve and share their family history.
Forward-looking Statements
This press release contains forward-looking statements. These
statements relate to future events or to future financial
performance and involve known and unknown risks, uncertainties, and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from those anticipated in these forward-looking statements. In some
cases, you can identify forward-looking statements by the use of
words such as "appears," "may," "designed," "expect," "intend,"
"focus," "seek," "anticipate," "believe," "estimate," "predict,"
"potential," "should," "continue" or "will" or the negative of
these terms or other comparable terminology. These statements
include statements regarding the expected repurchase of shares, our
growth prospects, our ability to maintain a healthy balance sheet
and generate free cash flow, our continued investment in our
business, the return of capital to our stockholders, the amount of
shares, if any, that may be repurchased and the timing of any such
repurchases. These forward-looking statements are based on
information available to us as of the date of this press release.
Forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated by these forward-looking statements. Such
risks and uncertainties include a variety of factors, some of which
are beyond our control. In particular, such risks and uncertainties
include market conditions; our common stock price; failure to
achieve anticipated revenues and operating results; our continued
ability to attract and retain subscribers; our continued ability to
acquire content and make it available online; difficulties
encountered in integrating acquired businesses and retaining
customers; failure of our products to meet customer demands or
expectations; the adverse impact of competitive product
announcements or launches; failure of subsequent seasons of Who Do
You Think You Are? to yield results comparable to prior
seasons; changes in overall economic conditions; the inability to
attract and retain key employees; competitors' actions; pricing and
gross margin pressures; inability to control costs and expenses;
and significant litigation. Information concerning additional
factors that could cause results to differ materially from those
contained in the forward-looking statements is contained under the
caption "Risk Factors" in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2011, and in discussions in other of our SEC
filings.
These forward-looking statements should not be relied upon as
representing our views as of any subsequent date and we assume no
obligation to publicly update or revise these forward-looking
statements for any reason, whether as a result of new information,
future events, or otherwise, except as required by law.
CONTACT: For more information:
Investors:
Ancestry.com Inc.
Deborah Crawford
(801) 705-7942
dcrawford@ancestry.com
Media:
Ancestry.com Inc.
Heather Erickson
(801) 705-7104
herickson@ancestry.com
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