WALTHAM, Mass., Nov. 9, 2015 /PRNewswire/ -- Lionbridge
Technologies, Inc. (Nasdaq: LIOX) today announced that its Board of
Directors has authorized a share repurchase program allowing the
Company to repurchase up to $50
million of the Company's common stock through the end of
fiscal year 2018. The new authorization represents an
increase of $32 million from the
previous $18 million share repurchase
program that was announced in November of 2012 and which has
now expired.
"This new share repurchase program marks a significant increase
from our previous buyback program, underscoring our ongoing
confidence in the long-term financial success of Lionbridge and our
commitment to increase shareholder value," said Rory Cowan, CEO of Lionbridge. "We will
continue to use our capital to fund growth, both organically and by
acquisitions. With recurring revenue streams across diverse
end markets, increasing demand for our global crowd-in-the-cloud
offerings, and our expectations for ongoing profit and cash flow
expansion, we believe Lionbridge is well positioned to proceed with
both acquisitions and share repurchases while maintaining our
leverage at a reasonable level.
Under the program, the Company's common stock may be purchased
through a combination of a 10b5-1 automatic trading plan and
discretionary purchases on the open market, through block trades or
in privately negotiated transactions as permitted under Securities
Exchange Act of 1934 Rule 10b-18 . The amount of shares purchased
and the timing of the purchases will depend on a number of factors,
including trading price, trading volume and general market
conditions, as well as on working capital requirements, general
business conditions and other factors, including alternative
investment opportunities.
About Lionbridge
Lionbridge (Nasdaq LIOX) enables more than 800 world-leading brands
to increase international market share, speed adoption of products
and effectively engage their customers in local markets
worldwide. Using our innovative cloud technology platforms
and our global crowd of more than 100,000 professional cloud
workers, we provide translation, online marketing, global content
management and application testing solutions that ensure global
brand consistency, local relevancy and technical usability across
all touch points of the customer lifecycle. Based in
Waltham, Mass., Lionbridge
maintains solution centers in 28 countries. To learn more,
visit http://www.lionbridge.com.
Forward-Looking Statements
Statements made in this press release regarding the Company's share
repurchase program, expected customer demand for the Company's
technologies, products and services, and future revenue, earnings
and cash flow performance are forward-looking statements. These
statements involve risks and uncertainties that may cause actual
results to differ materially from those set forth in these
statements. Among other things, sufficient shares may not be
available at appropriate prices, alternative uses may develop for
the Company's funds, and market and other conditions may
change. In addition, anticipated customer demand for the
Company's products and services may change due to changing customer
strategies or priorities, competing technologies or services, or
other external business or economic conditions. These
forward-looking statements reflect management's current views and
Lionbridge does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date hereof except as
required by law. Lionbridge's actual experiences, actions,
financial and operating results may differ materially from those
discussed in the forward-looking statements. For a more
detailed description of the risk factors associated with
Lionbridge, please refer to the Company's Annual Report on Form
10-K for the year ended December 31,
2014 and subsequent filings with the SEC (copies of which
may be accessed through the SEC's website
at http://www.sec.gov
Media Contact
Sara Buda
Lionbridge Technologies, Inc.
978-964-1404
sara.buda@lionbridge.com
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SOURCE Lionbridge Technologies