Plantronics (NYSE: PLT) today announced that it has completed its previous 1,000,000 share repurchase authorization announced in November 2013 and has authorized an additional 1,000,000 shares to be repurchased.
Under the new 1,000,000 share repurchase authorization, we may from time to time purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions.
“Our philosophy has been to return to our stockholders cash in excess of our operating needs, and stock repurchase programs are an excellent means of executing on this philosophy,” stated Ken Kannappan, President & CEO. “Our management team and Board of Directors believe in our long-term growth prospects, business model and cash flow generation capability, and think that repurchases will be accretive to our earnings per share. We are thus continuing with our commitment to repurchase our stock.”
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that we may repurchase shares of our common stock under the new 1,000,000 share repurchase authorization, that we believe in our long-term growth prospects, we will achieve business model, generate cash or that our stock repurchases will be accretive to earnings per share.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities.
For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 24, 2013 and other filings with the Securities and Exchange Commission, as well as recent press releases. The Securities and Exchange Commission filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.
Plantronics is a global leader in audio communications for businesses and consumers. We have pioneered new trends in audio technology for over 50 years, creating innovative products that allow people to simply communicate. From Unified Communication solutions to Bluetooth headsets, we deliver uncompromising quality, an ideal experience, and extraordinary service. Plantronics is used by every company in the Fortune 100, as well as 911 dispatch, air traffic control and the New York Stock Exchange. For more information, please visit www.plantronics.com or call (800) 544-4660.
Plantronics and the logo design are trademarks or registered trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.
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