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Polycom Announces New $100 Million Share Repurchase Program
Posted on Monday, May 6, 2013
SAN JOSE, Calif. - May 06, 2013: Polycom, Inc. (Nasdaq: 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.