Gen-Probe Announces $100 Million Stock Repurchase Plan
February 18 2010 - 4:01PM
PR Newswire (US)
SAN DIEGO, Feb. 18 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated
(NASDAQ:GPRO) announced today that its board of directors has
authorized the repurchase of up to $100 million of the Company's
common stock over the next year. "Based on our healthy balance
sheet and strong anticipated cash flows, we believe we can increase
long-term shareholder value and offset dilution from employee
option programs by buying back stock, while at the same time
retaining the strategic and operational flexibility to invest
appropriately in our business," said Herm Rosenman, Gen-Probe's
senior vice president - finance, and chief financial officer.
Repurchases may occur from time to time and at Gen-Probe's
discretion, depending on market conditions and other factors.
Shares may be purchased on the open market or through private
transactions, pursuant to Rule 10b5-1 trading plans or other
available means. In the fourth quarter of 2009, Gen-Probe had 49.5
million shares of common stock outstanding on a weighted average,
diluted basis. As of December 31, 2009, the Company had $501.1
million of cash, cash equivalents and marketable securities, and
$240.8 million of short-term debt. The Company pays interest on
substantially all this debt at a rate 0.6% above the one-month
London Interbank Offered Rate (LIBOR), which was recently below
0.3%. Gen-Probe generated $145.0 million of cash from operating
activities in 2009, while spending $32.4 million on property, plant
and equipment, leading to free cash flow of $112.7 million. About
Gen-Probe Gen-Probe Incorporated is a global leader in the
development, manufacture and marketing of rapid, accurate and
cost-effective molecular diagnostic products and services that are
used primarily to diagnose human diseases, screen donated human
blood, and ensure transplant compatibility. Gen-Probe has
approximately 27 years of NAT expertise, and received the 2004
National Medal of Technology, America's highest honor for
technological innovation, for developing NAT assays for blood
screening. Gen-Probe is headquartered in San Diego and employs
approximately 1,300 people. For more information, go to
http://www.gen-probe.com/. Caution Regarding Forward-Looking
Statements Any statements in this news release regarding our
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and are
forward-looking statements. These statements are often, but not
always, made through the use of words or phrases such as believe,
will, expect, anticipate, estimate, intend, plan and would. For
example, statements concerning future share repurchases are
forward-looking statements. Forward-looking statements are not
guarantees of performance. They involve known and unknown risks,
uncertainties and assumptions that may cause actual results, levels
of activity, performance or achievements to differ materially from
those expressed or implied. Some of these risks, uncertainties and
assumptions include but are not limited to: (i) the risk that
unforeseen circumstances may prohibit Gen-Probe from executing its
share repurchase program in whole or in part, (ii) the risk that
share repurchases will not be accretive to earnings, (iii) the risk
that Gen-Probe will not have adequate cash to execute on its
strategic or operational initiatives, or will require debt to do
so, and (iv) the risk that Gen-Probe's share price will not
appreciate above the prices at which Gen-Probe repurchases shares.
The foregoing list sets forth some, but not all, of the factors
that could affect our ability to achieve results described in any
forward-looking statements. For additional information about risks
and uncertainties we face and a discussion of our financial
statements and footnotes, see documents we file with the SEC,
including our most recent annual report on Form 10-K and all
subsequent periodic reports. We assume no obligation and expressly
disclaim any duty to update forward-looking statements to reflect
events or circumstances after the date of this news release or to
reflect the occurrence of subsequent events. Michael Watts Vice
president, investor relations and corporate communications
858-410-8673 DATASOURCE: Gen-Probe Incorporated CONTACT: Michael
Watts, Vice president, investor relations and corporate
communications of Gen-Probe Incorporated, +1-858-410-8673 Web Site:
http://www.gen-probe.com/
Copyright
GoPro (NASDAQ:GPRO)
Historical Stock Chart
From Jun 2024 to Jul 2024
GoPro (NASDAQ:GPRO)
Historical Stock Chart
From Jul 2023 to Jul 2024