WHITE PLAINS, N.Y.,
April 1, 2021 /PRNewswire/ -- Leading
gaming accessory maker Turtle Beach (Nasdaq: HEAR) today
announced its Board of Directors has approved an extension and
expansion of its share repurchase program. Under the revised
program, the Company is authorized to purchase up to $25 million of its common shares at its
discretion from time to time in the open market, or in block
purchase transactions over the next two years. This is an expansion
of the $15 million authorization that
was approved in April of 2019.
The amount and timing of specific repurchases are subject to
market conditions, applicable legal requirements and other factors.
Turtle Beach intends to fund the share repurchases using cash from
operations or short-term borrowings and may suspend or discontinue
repurchases at any time. The share repurchase program is scheduled
to expire April 9, 2023, but may also
be expanded, extended, or terminated based on market conditions,
applicable legal requirements and other factors.
"Our strong position in console gaming headsets, rapid growth in
PC accessories, and planned entry into additional new gaming
accessory categories give us continued confidence in our ability to
grow and generate strong financial results," said Juergen Stark, CEO of Turtle Beach. "The
consistently high levels of free cash flow we have generated in
recent years allowed us to eliminate our debt and end 2020 with
high levels of cash. This, in turn, allows us to continue executing
our proven strategy while remaining committed to investing in
profitable growth. We look forward to delivering value to our
shareholders through continued execution of our strategic growth
pillars and effective use of our capital."
Stark continued, "As previously disclosed, we expect to generate
adjusted EBITDA of approximately $45
million in 2021, implying a category-leading adjusted EBITDA
margin of at least 12%. While our top priority is funding our core
business and future growth drivers, including entering new product
categories, we believe our stock represents an attractive
investment opportunity in the gaming space, and we will take
advantage of the opportunity to invest in our company as
appropriate."
About Turtle Beach Corporation
Turtle Beach
Corporation (https://corp.turtlebeach.com) is one of the world's
leading gaming accessory providers. The Turtle Beach brand
(www.turtlebeach.com) is known for pioneering first-to-market
features and patented innovations in high-quality, comfort-driven
headsets for all levels of gamer, making it a fan-favorite brand
and the market leader in console gaming audio for the last decade.
Turtle Beach's ROCCAT brand (www.roccat.org) combines detail-loving
German innovation with a genuine passion for designing the best PC
gaming products. Under the ROCCAT brand, Turtle Beach creates
award-winning keyboards, mice, headsets, mousepads, and other PC
accessories. Turtle Beach's Neat Microphones brand
(www.neatmic.com) creates high-quality USB and analog microphones
for gamers, streamers, and professionals that embrace cutting-edge
technology and design. Turtle Beach's shares are traded on the
Nasdaq Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and
statements within the meaning of the federal securities laws.
Except for historical information contained in this release,
statements in this release may constitute forward-looking
statements regarding assumptions, projections, expectations,
targets, intentions or beliefs about future events. Statements
containing the words "may", "could", "would", "should", "believe",
"expect", "anticipate", "plan", "estimate", "target", "goal",
"project", "intend" and similar expressions, or the negatives
thereof, constitute forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, which
could cause actual results to differ materially from those
contained in any forward-looking statement. Forward-looking
statements are based on management's current belief and
expectations, as well as assumptions made by, and information
currently available to, management.
While the Company believes that its expectations are based upon
reasonable assumptions, there can be no assurances that its goals
and strategy will be realized. Numerous factors, including risks
and uncertainties, may affect actual results and may cause results
to differ materially from those expressed in forward-looking
statements made by the Company or on its behalf. Some of these
factors include, but are not limited to, risks related to the
Company's liquidity, the Company's stock price, the substantial
uncertainties inherent in the acceptance of existing and future
products, the difficulty of commercializing and protecting new
technology, the impact of competitive products and pricing, general
business and economic conditions, risks associated with the
expansion of our business including the integration of any
businesses we acquire and the integration of such businesses within
our internal control over financial reporting and operations, our
indebtedness, and other factors discussed in our public filings,
including the risk factors included in the Company's most
recent Annual Report on Form 10-K, Quarterly Report on Form
10-Q, and the Company's other periodic reports. Except as
required by applicable law, including the securities laws of
the United States and the rules
and regulations of the Securities and Exchange Commission, the
Company is under no obligation to publicly update or revise any
forward-looking statement after the date of this release whether as
a result of new information, future developments or otherwise.
All trademarks are the property of their respective owners.
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SOURCE Turtle Beach Corporation