Market Overview

ShoreTel Announces $20 Million Share Buyback Program

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ShoreTel (NASDAQ: SHOR) disclosed that its board has authorized a share buyback program for a maximum of $20 million of the company's common stock.

The company's President and CEO, Don Joos, said, "As we've executed our strategic transformation to become a cloud-based company, we've increased our cash balances and expanded our financial flexibility. This allows us to invest in our organic growth catalysts and technology innovation."

He added, "At the same time, we continue to evaluate ways to allocate capital efficiently and recognize a unique opportunity under this share repurchase program."

ShoreTel indicated that its buyback of shares will happen in the next 12-month period at prices considered appropriate by it. The company said that the exact timing of repurchases and number of shares of common stock to be bought back would depend on the market conditions and other factors.

The company expects to fund the program with the help of a combination of its cash on hand and cash generated from operations. The company cautioned that the program may be extended, suspended or discontinued at any time without prior notice.

Shares of the company traded 2.25 percent higher on Friday.

Posted-In: News Buybacks

 

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