Aktien in diesem Artikel
indizes in diesem Artikel
PTC (Nasdaq: PMTC),
The Product Development Company®, today announced that its Board of
Directors has increased the Company’s share repurchase authorization,
from $50 million to $100 million.
"The decision to expand our share repurchase program reflects the
confidence of both management and our board of directors in the
long-term opportunity for PTC," commented Dick Harrison, President and
CEO. "Our strong balance sheet and cash position allow us to expand our
repurchase program in addition to investing in certain strategic
initiatives, continuing to pay down the $89 million outstanding on our
revolving credit facility, while leaving adequate liquidity for
acquisitions in fiscal 2009. We believe this repurchase program, in
conjunction with our other investments, is a prudent use of capital and
reaffirms our commitment to building shareholder value over the long
For the quarter ended September 30, 2008 PTC’s diluted weighted average
shares outstanding were 118.8 million. PTC also had $257 million in cash
and equivalents and an additional $141 million available under its
revolving credit facility.
The Company intends to repurchase shares in the open market from time to
time, as business conditions warrant. All repurchased shares will be
cancelled. The share repurchase will be funded through cash from
operations and/or existing cash. The repurchase program is subject to
certain conditions, including daily volume limitations. The program does
not obligate PTC to acquire any particular amount of common stock and
the program may be modified or suspended at any time at the Company's
As of November 25, 2008, PTC has repurchased approximately 586,000
shares at a cost of $8.6 million under the current authorization, of
which approximately 301,000 shares at a cost of $3.3M have been
purchased since the beginning of FY’09. The current authorization will
expire on May 14, 2009.
PTC (Nasdaq: PMTC
provides leading product lifecycle management (PLM), content management
and dynamic publishing solutions to more than 50,000 companies
worldwide. PTC customers include the world's most innovative companies
in manufacturing, publishing, services, government and life sciences
industries. PTC is included in the S&P Midcap 400 and Russell 2000
indices. For more information on PTC, please visit http://www.ptc.com.
Statements in this news release that are not historical facts,
including statements about our confidence in PTC’s long-term opportunity
and our ability to make investments in our business, pay down our
outstanding debt, engage in acquisitions and repurchase shares in 2009,
are forward-looking statements that involve risks and uncertainties that
could cause actual results to differ materially from those projected.
These risks include the possibility that current economic conditions
could cause our customers to reduce or forego investment in our
solutions and/or could negatively impact our ability to collect
receivables due from our customers, either of which would negatively
impact our cash from operations and thereby reduce amounts available to
invest in our business initiatives, including share repurchases and the
other business initiatives described in this news release.
risks and uncertainties that could cause actual results to differ
materially from those projected are detailed from time to time in
reports we file with the Securities and Exchange Commission, including
our most recent Annual Report on Form 10-K.
PTC, The Product Development Company, and all other PTC product names
and logos are trademarks or registered trademarks of Parametric
Technology Corporation or its subsidiaries in the United States and in
other countries. All other companies referenced herein are trademarks or
registered trademarks of their respective holders.