PTC Announces Increase to Share Repurchase Program

NEEDHAM, Mass.—(BUSINESS WIRE)—December 1, 2008— PTC (Nasdaq: PMTC), The Product Development Company®, today announced that its Board of Directors has increased the Company’s share repurchase authorization, from $50 million to $100 million.

“The decision to expand our share repurchase program reflects the confidence of both management and our board of directors in the long-term opportunity for PTC," commented Dick Harrison, President and CEO. “Our strong balance sheet and cash position allow us to expand our repurchase program in addition to investing in certain strategic initiatives, continuing to pay down the $89 million outstanding on our revolving credit facility, while leaving adequate liquidity for acquisitions in fiscal 2009. We believe this repurchase program, in conjunction with our other investments, is a prudent use of capital and reaffirms our commitment to building shareholder value over the long term.”

For the quarter ended September 30, 2008 PTC’s diluted weighted average shares outstanding were 118.8 million. PTC also had $257 million in cash and equivalents and an additional $141 million available under its revolving credit facility.

The Company intends to repurchase shares in the open market from time to time, as business conditions warrant. All repurchased shares will be cancelled. The share repurchase will be funded through cash from operations and/or existing cash. The repurchase program is subject to certain conditions, including daily volume limitations. The program does not obligate PTC to acquire any particular amount of common stock and the program may be modified or suspended at any time at the Company's discretion.

As of November 25, 2008, PTC has repurchased approximately 586,000 shares at a cost of $8.6 million under the current authorization, of which approximately 301,000 shares at a cost of $3.3M have been purchased since the beginning of FY’09. The current authorization will expire on May 14, 2009.

About PTC

PTC (Nasdaq: PMTC - News) provides leading product lifecycle management (PLM), content management and dynamic publishing solutions to more than 50,000 companies worldwide. PTC customers include the world's most innovative companies in manufacturing, publishing, services, government and life sciences industries. PTC is included in the S&P Midcap 400 and Russell 2000 indices. For more information on PTC, please visit http://www.ptc.com.

Statements in this news release that are not historical facts, including statements about our confidence in PTC’s long-term opportunity and our ability to make investments in our business, pay down our outstanding debt, engage in acquisitions and repurchase shares in 2009, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that current economic conditions could cause our customers to reduce or forego investment in our solutions and/or could negatively impact our ability to collect receivables due from our customers, either of which would negatively impact our cash from operations and thereby reduce amounts available to invest in our business initiatives, including share repurchases and the other business initiatives described in this news release. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

PTC, The Product Development Company, and all other PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries. All other companies referenced herein are trademarks or registered trademarks of their respective holders.



Contact:

PTC Investor Relations
Kristian P. Talvitie, 781-370-6151
Email Contact




Review Article Be the first to review this article


Featured Video
Jobs
GIS Analyst II for Air Worldwide at Boston, MA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
Upcoming Events
RoboUniverse San Diego at San Diego CA - Dec 14 - 15, 2016
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
Geospatial World Forum 2017 Hyderabad at Hyderabad International Convention Center P.O Bag 1101, Cyberabad Post Office Hyderabad Telangana India - Jan 23 - 25, 2017
GMP Compliance for Quality Control Laboratories 2016 at Andheri Kurla Road, Sahar Village, Andheri-Kurla Road, Mumbai, Maharashtra 40005 Mumbai, Maharashtra India - Jan 23 - 24, 2017
Trimble
Teledyne Optech
University of Denver GIS Masters Degree Online
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy