Polycom Announces New $100 Million Share Repurchase Program
SAN JOSE, Calif.--(BUSINESS WIRE)-- Polycom, Inc. (NAS: PLCM) , the global leader in open, standards-based unified communications and collaboration (UC&C), today announced that its board of directors approved a new share repurchase program authorizing up to $100 million in share repurchases, with an expiration date of May 2, 2014. This amount is in addition to the approximately $39 million remaining as of March 31, 2013 from a prior authorization.
"Polycom recently launched multiple new products that we believe will extend our leadership position in the industry. This announcement illustrates our confidence in the long-term growth of the company and our commitment to enhancing shareholder value," said Eric Brown, Chief Operating Officer and Chief Financial Officer of Polycom.
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, the dilutive effects of share based incentive plans, and other factors, including alternative investment opportunities and working capital needs.
Polycom is the global leader in open, standards-based unified communications and collaboration (UC&C) solutions for voice and video collaboration, trusted by more than 415,000 customers around the world. Polycom solutions are powered by the Polycom® RealPresence® Platform, comprehensive software infrastructure and rich APIs that interoperate with the broadest set of communication, business, mobile and cloud applications and devices to deliver secure face-to-face video collaboration in any environment. Polycom and its ecosystem of over 7,000 partners provide truly unified communications solutions that deliver the best user experience, highest multi-vendor interoperability, and lowest TCO. Visit www.polycom.com or connect with us on Twitter, Facebook, and LinkedIn to learn how we're pushing the greatness of human collaboration forward.
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 extending its leadership position in the industry, the Company's long-term growth and value and future repurchases of the Company's common stock. 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, 2013, 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.
© 2013 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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