Market Overview

Edgewater Announces Extension of $23.1M Stock Repurchase Program

Share:

Edgewater Technology, Inc. (Nasdaq: EDGW), a leading consulting firm that brings a blend of classic and product-based consulting services to its clients, announced that its Board of Directors (the "Board") has approved an extension of the company's stock repurchase program (the "Repurchase Program") to September 25, 2015 (the "Extended Repurchase Program").

The Repurchase Program, which was originally announced in December 2007 and subsequently amended, allows for the repurchase of up to $23.1 million of the company's common stock. The Repurchase Program was scheduled to expire on September 19, 2014. The Board did not make any changes to the $23.1 million repurchase authorization. To date, Edgewater has repurchased approximately $14.0 million of its shares, leaving a remaining authorization of approximately $9.1 million.

"The Board's extension of the repurchase program highlights our continued confidence in the company's financial strength and growth outlook," said Shirley Singleton, Edgewater's chairman, president and CEO. "Our strong balance sheet and cash flow provide us with the flexibility to opportunistically repurchase shares while continuing to invest in our brands and other growth opportunities to drive value for our shareholders."

Under the Extended Repurchase Program, the company's common stock may be purchased from time-to-time on the open market or through privately negotiated transactions. The timing and amount of the purchases will be based upon market conditions, securities law considerations, and other factors. The Extended Repurchase Program does not obligate the company to acquire a specific number of shares in any period and may be modified, suspended, extended or discontinued at any time, without prior notice.

Repurchased common shares become treasury shares, a portion of which may be used to satisfy Edgewater's current and near-term requirements under its equity incentive and other benefit plans.

Posted-In: News Buybacks Press Releases

 

Related Articles (EDGW)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Essent Guaranty Approved To Provide Mortgage Insurance On Mortgages Sold To The Federal Home Loan Bank Of Boston

Credit Suisse Initiates Autoliv With Neutral