Protolabs Announces $50 Million Increase to Stock Repurchase Authorization
May 16 2019 - 12:00PM
Business Wire
Protolabs (NYSE: PRLB) announced today that its Board of
Directors has approved a $50 million increase in its authorized
stock repurchase program and extended the expiration date to
December 31, 2023. This authorization increases the stock
repurchase program to $100 million. As of May 15, 2019, Protolabs
had repurchased an aggregate dollar value of $34 million, resulting
in $66 million remaining available to purchase common stock under
the stock repurchase program.
Under this authorization, Protolabs is not required to purchase
shares, but may choose to do so in the open market or through
private transactions at times and amounts determined by the company
based on its evaluation of market conditions and other factors.
Protolabs’ capital allocation strategy remains unchanged.
Protolabs focuses on serving our customers by first expanding
capacity to maintain world class lead times through investments in
equipment and facilities. The company then looks to invest in
research and development to expand the envelope of existing
services and improve the ecommerce experience of its customers.
Next, Protolabs looks for potential acquisition opportunities that
further the company’s growth strategy. Finally, the company
provides the return realized by these investments to its
shareholders through opportunistic stock repurchases.
About ProtolabsProtolabs is the world’s fastest digital
manufacturing source for rapid prototyping and on-demand
production. The technology-enabled company produces custom parts
and assemblies in as fast as 1 day with automated 3D printing, CNC
machining, sheet metal fabrication, and injection molding
processes. Its digital approach to manufacturing enables
accelerated time to market, reduces development and production
costs, and minimizes risk throughout the product life cycle. Visit
protolabs.com for more information.
Forward-Looking StatementsStatements contained in this
press release regarding matters that are not historical or current
facts are “forward-looking statements” within the meaning of The
Private Securities Litigation Reform Act of 1995. These statements
involve known and unknown risks, uncertainties and other factors
which may cause the results of Protolabs to be materially different
than those expressed or implied in such statements. Certain of
these risk factors and others are described in the “Risk Factors”
section within reports filed with the SEC. Other unknown or
unpredictable factors also could have material adverse effects on
Protolabs’ future results. The forward-looking statements included
in this press release are made only as of the date hereof.
Protolabs cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally,
Protolabs expressly disclaims any intent or obligation to update
any forward-looking statements to reflect subsequent events or
circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20190516005839/en/
Investor Relations Contact:ProtolabsDan Schumacher,
763-479-7240Director of Investor
Relationsdaniel.schumacher@protolabs.com
Media Contact:ProtolabsSarah Ekenberg, 763-479-7560Marketing
Manager, PR & Mediasarah.ekenberg@protolabs.com
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