March 26, 2010
- Beford, MA
SoundBite Communications, Inc. (Nasdaq:SDBT - News), a leading provider of on-demand, multi-channel proactive customer communications, today announced that its Board of Directors has authorized the repurchase of up to $2.5 million of SoundBite's common stock from time to time on the open market or in privately negotiated transactions.
"This repurchase program is intended to enhance shareholder value, as well as to demonstrate our confidence in the Company's long-term growth prospects," said Jim Milton, president & chief executive officer. "We remain enthusiastic about the opportunities presented by the Proactive Customer Communications market and we believe this repurchase program is prudent in light of our strong balance sheet and cash position."
The timing and amount of any shares repurchased will be determined by SoundBite based on an evaluation of market conditions and other factors. Repurchases may be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when SoundBite might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with SoundBite's stock plans and for other corporate purposes.
The repurchase program will be funded using SoundBite's working capital. As of December 31, 2009, SoundBite had cash and cash equivalents of $36.3 million, and approximately 16 million shares of common stock outstanding.