Shabtai Adlersberg, Chairman of the Board, President and Chief Executive Officer of AudioCodes said: "This share repurchase program represents the confidence we have in the Company and its long-term growth prospects, and is consistent with management's goal of increasing shareholder value."
Although I applaud Shabtai for the buyback I would have rather seen an announcement that they were suspending future option grants, insiders, Executives, and BOD were buying with personal funds, and/or they were paying off the outstanding debt.
Remember that Shabtai at one time wore the CFO hat so he knows numbers.
As an investor who expressed concerns about drawing parallels with the prior buyback ahead of a protracted downturn I like what I see in the release. $10M to $15M plus $3M is still half of proceeds from the secondary and the tone of the press release is nothing like the tone of press release with the prior buyback announcement which included a reduction in guidance.
For all the grief Shabtai gets for just about everything he's done a very good job reinventing AudioCodes. Shabtai is also a much better CEO than he gets credit for.