Salary.com(TM) Increases Authorization for Share Repurchase Program
April 21 2009 - 5:44PM
Marketwired
Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand
compensation, talent management and payroll solutions, today
announced that on April 17, 2009, its Board of Directors increased
the size of its share repurchase program from $2.5 million to $7.5
million. The share repurchase program was initially authorized on
December 15, 2008 for a period of twelve months. Under the program,
Salary.com may repurchase shares of Salary.com common stock from
time to time at prevailing prices in the open market or in
negotiated transactions off the market. The Company expects to use
cash on hand and cash generated from future operations to fund
repurchases of its common stock.
Kent Plunkett, Chief Executive Officer of Salary.com, said, "Our
Board of Directors and senior management team have confidence in
the ability of Salary.com to execute in a fiscally responsible
manner in this environment. This increase in authorization reflects
our commitment to maximizing shareholder value for all of our
investors and our belief that our own shares are a compelling
investment."
To date, Salary.com has purchased approximately 853,000 shares
of Salary.com common stock, at an average price of $1.59 per share
from the current authorization. Salary.com management will
determine the timing and amount of any repurchase based on its
evaluation of market conditions, business considerations and other
factors. The program does not require the Company to repurchase any
specific number of shares and may be extended, modified, suspended
or discontinued at any time, at the Company's discretion.
About Salary.com, Inc.
Salary.com is a leading provider of on-demand HRMS, compensation
and talent management solutions helping businesses and individuals
manage pay and performance. Salary.com's highly configurable
software applications, proprietary data and consulting services
help HR and compensation professionals automate, streamline and
optimize critical talent management processes including: payroll,
benefits, HR administration, market pricing, compensation planning,
performance management, competency management, learning and
development and succession planning. Built with compensation and
competency data at the core, Salary.com solutions provide
businesses of all sizes with the most productive and cost-effective
way to manage and inspire their most important asset -- their
people. Visit http://employer.salary.com.
Forward Looking Statements
This release contains "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These are statements
that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as "may," "will,"
"expects," "projects," "anticipates," "estimates," "believes,"
"intends," "plans," "should," "seeks," and similar expressions.
This press release contains forward-looking statements relating to,
among other things, Salary.com's expectations and assumptions
concerning future repurchases of Salary.com common stock.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause actual future results to differ
materially from those projected or contemplated in the
forward-looking statements. The risks and uncertainties referred to
above include, but are not limited to, the impact of a global
economic recession and uncertainty in the information technology
spending environment, potential disruption to our business from our
workforce reduction, risks associated with possible fluctuations in
our operating results and rate of growth, our ability to expand our
customer base and product and service offerings, interruptions or
delays in our service or our Web hosting, our business model,
breach of our security measures, the emerging market in which we
operate, integration and performance of acquired businesses, our
ability to hire, retain and motivate our employees and manage our
growth, competition, our ability to continue to release and gain
customer acceptance of new and improved versions of our service,
and successful customer deployment and utilization of our services,
as well as those risks and uncertainties described in Salary.com's
filings with the Securities and Exchange Commission. Salary.com
expressly disclaims any obligation to update any forward-looking
statements.
SLRY-F
Contacts: Meredith Hanrahan Salary.com 781-851-8000 Email
Contact Garo Toomajanian Integrated Corporate Relations
781-851-8540 Email Contact
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