GTSI Authorizes $5 Million Share Repurchase Program
August 31 2011 - 4:05PM
Business Wire
GTSI, a leading provider of information technology to federal,
state and local government, announced today that its Board of
Directors has authorized a share repurchase program pursuant to
Rules 10b5-1 and 10(b)-18 of the Securities Exchange Act of 1934
permitting the Company to repurchase up to $5,000,000 in shares of
the Company's common stock.
This program is effective immediately and the common stock may
be repurchased from time to time in open market transactions or
privately negotiated transactions in the Company's discretion. The
timing and amount of shares repurchased will be determined by the
Company's management based on its evaluation of market conditions
and other factors. The repurchase program may be increased,
suspended or discontinued at any time.
The share repurchase program was approved by the Company's Board
of Directors as part of its ongoing consideration of capital
allocation strategies to take advantage of the Company's strong
cash position. The Company believes that this share repurchase
program is in the best interests of the Company and its
shareholders, and will not impact the Company's ability to execute
its growth plans.
As of June 30, 2011, the Company had 9,679,866 shares of common
stock outstanding.
About GTSI Corp.
GTSI (NASDAQ: GTSI) is a leading provider of technology
solutions and professional services to federal, state, and local
government. Founded in 1983, the company has helped meet the unique
IT needs of more than 1,700 governmental agencies nationwide. GTSI
professionals draw on their deep knowledge, strategic partnerships,
more than 740 industry certifications, and customer service to
guide agencies in selecting the most cost-effective technology
available. GTSI has extensive capabilities and past performance in
software development, data center, networking, collaboration,
security, and cloud computing solutions. In addition, GTSI’s
advanced engineering, integration, support, and financial services
-- and broad portfolio of contracts -- ease the planning,
purchasing, and deployment of solutions, and facilitates the
management of mission-critical IT throughout the lifecycle.
Headquartered in Herndon, Va., GTSI has approximately 500 employees
and reported revenue of $666.7 million for the 12 months ended Dec.
31, 2010. For more information visit the company’s website at
www.gtsi.com.
GTSI and GTSI.com are registered trademarks of GTSI Corp. in the
U.S. and other countries. All trade names are the property of their
respective owners.
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