Carbonite Announces $50 Million Share Repurchase Program
Under this program, the Company may repurchase stock from time to time, in amounts, at prices, and at such times the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company's repurchases may be executed using open market purchases, privately negotiated purchases or other transactions.
The Company intends to fund repurchases under this share repurchase program from cash on hand and cash generated from operations. The share repurchase program does not obligate the Company to repurchase any specific number of shares, and may be suspended, modified or terminated at any time without prior notice.
“We are confident in our ability to deliver our total growth strategy and are committed to driving a balance of organic and inorganic growth initiatives,” said
Carbonite had approximately 34.6 million shares of common stock outstanding as of
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Cautionary Language Concerning Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our ability to acquire and integrate acquisitions into our operations and achieve the expected benefits of such acquisitions, our ability to expand our free cash flow, and our ability to manage growth, changes in economic or regulatory conditions or other trends affecting the Internet and the information technology industry, and those discussed in the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended
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Source: Carbonite, Inc.