|By Business Wire||
|July 23, 2014 04:00 PM EDT||
Polycom, Inc. (Nasdaq:PLCM) today announced that its board of directors approved a new share repurchase authorization of up to $200 million in share repurchases. In addition, the company stated that it has completed its previously announced $400 million Return of Capital program.
“Today’s announcement illustrates our confidence in the long-term growth of the company and our continued commitment to returning capital to shareholders,” said Laura Durr, chief financial officer of Polycom. “We expect to execute this new $200 million authorization over the next two years, while retaining sufficient capital capacity to continue making long term investments in our business and to pursue strategic opportunities that may arise.”
The company expects to fund the share repurchases through cash on hand and future cash flow from operations. The number of shares to be purchased and the timing of purchases will be based on the level of Polycom's cash balances, general business and market conditions, and other factors, including alternative investment opportunities and working capital needs.
Polycom has returned $537 million to shareholders through share repurchase over the last two years.
Polycom helps organizations unleash the power of human collaboration. More than 400,000 companies and institutions worldwide defy distance with secure video, voice and content solutions from Polycom to increase productivity, speed time to market, provide better customer service, expand education and save lives. Polycom and its global partner ecosystem provide flexible collaboration solutions for any environment that deliver the best user experience, the broadest multi-vendor interoperability and unmatched investment protection. Visit www.polycom.com or connect with us on Twitter, Facebook and LinkedIn to learn more.
Forward Looking Statements & Risk Factors
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 regarding future events and the future performance of the Company, including statements regarding the Company’s long-term growth, future repurchases of the Company’s common stock and the expected timeline and funding of such repurchases, and the Company’s future capital capacity and how it will be deployed. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially or that may cause us not to make share repurchases as currently anticipated, including alternative uses for cash, future competing investment opportunities, general economic, business and market conditions, and other risks and uncertainties that may adversely impact our business. Many of these risks and uncertainties are discussed in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, and in other reports filed by Polycom with the Securities and Exchange Commission. Polycom disclaims any intent or obligation to update these forward-looking statements.
2014 Polycom, Inc. All rights reserved. POLYCOM®, the Polycom logo, and the names and marks associated with Polycom’s products are trademarks and/or service marks of Polycom, Inc. and are registered and/or common law marks in the United States and various other countries. All other trademarks are property of their respective owners.
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