Glu Announces Intention to Implement $50 Million Stock Repurchase Program
January 11 2016 - 8:00AM
Business Wire
Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and
publisher of free-to-play games for smartphone and tablet devices,
today announced that its Board of Directors plans to adopt a stock
repurchase program under which the company may repurchase up to $50
million of its outstanding common stock. The company expects to
implement the repurchase program during its next open trading
window that is currently scheduled to open following its upcoming
February 3, 2016 earnings call.
"We are pleased that Glu’s strong balance sheet enables us to
simultaneously enhance stockholder value through share repurchases
while continuing to invest in internal and external opportunities
that we believe will drive long-term growth. The repurchase program
reflects our confidence in the future of our business and our
belief in the true long-term value of the company," stated Niccolo
de Masi, Chairman and Chief Executive Officer of Glu.
The company anticipates that the timing and amount of any shares
repurchased will be determined by Glu’s management based on its
evaluation of market conditions and other factors. Once adopted,
the repurchase program may be suspended, discontinued or modified
at any time.
The company expects that the repurchase program will be funded
using Glu's working capital. As of September 30, 2015, Glu had cash
and cash equivalents of $182.3 million and approximately 131.3
million shares of common stock outstanding.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including
Glu’s intention to implement a program to purchase up to $50
million of its outstanding shares of common stock, the expected
timing of the implementation of such repurchase program and the
expected source of funding. There are a number of important factors
that could cause actual events to differ materially from those
suggested or indicated by such forward-looking statements. These
include, among others, the market price of Glu’s stock prevailing
from time to time, the amount of Glu's cash commitments, the nature
of other acquisition or investment opportunities presented to Glu
from time to time, Glu’s cash flows from operations, general
economic conditions, and other factors identified in Glu’s
Quarterly Report on Form 10-Q as filed with the Securities and
Exchange Commission on November 9, 2015. Additional information
will also be set forth in our future quarterly reports on Form
10-Q, annual reports on Form 10-K and other filings that we make
with the Securities and Exchange Commission. These forward-looking
statements are subject to material risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. We are under no obligation, and
expressly disclaim any obligation, to update or alter our
forward-looking statements whether as a result of new information,
future events or otherwise.
About Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and
publisher of free-to-play games for smartphone and tablet devices.
Glu is focused on creating compelling original IP games such as
CONTRACT KILLER, COOKING DASH, DEER HUNTER, DINER DASH, DINO
HUNTER: DEADLY SHORES, ETERNITY WARRIORS, FRONTLINE COMMANDO,
RACING RIVALS, TAP SPORTS BASEBALL, and TAP SPORTS FOOTBALL, and
branded IP games including KIM KARDASHIAN: HOLLYWOOD, KATY PERRY
POP, JAMES BOND: WORLD OF ESPIONAGE, MISSION IMPOSSIBLE: ROGUE
NATION and SNIPER X WITH JASON STATHAM on the App Store, Google
Play, Amazon Appstore, Facebook, Mac App Store, and Windows Phone.
Glu’s unique technology platform enables its titles to be
accessible to a broad audience of consumers globally. Founded in
2001, Glu is headquartered in San Francisco with major U.S. offices
outside Seattle and in Long Beach, and international locations in
Canada, China, India, Japan, Korea, and Russia. Consumers can find
high-quality entertainment wherever they see the ‘g’ character logo
or at www.glu.com.
For live updates, please follow Glu via Twitter at
www.twitter.com/glumobile or become a Glu fan at
www.facebook.com/glumobile.
CONTRACT KILLER, COOKING DASH, DEER HUNTER, DINER DASH, DINO
HUNTER: DEADLY SHORES, ETERNITY WARRIORS, FRONTLINE COMMANDO,
RACING RIVALS, TAP SPORTS BASEBALL, TAP SPORTS FOOTBALL, SNIPER X,
GLU, GLU MOBILE, and the 'g' character logo are trademarks of Glu
Mobile Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20160111005338/en/
Investor Relations:ICR, Inc.Seth Potter,
646-277-1230ir@glu.com
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