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Polycom's Board Approves New $200 Million Share Repurchase Authorization [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Polycom reported that its board of directors approved a new share repurchase authorization of up to $200 million in share repurchases. In its release on July 23, the company said that, in addition, it has completed its previously announced $400 million Return of Capital program. "Today's announcement illustrates our confidence in the long- term growth of the company and our continued commitment to returning capital to shareholders," said Laura Durr, chief financial officer of Polycom. "We expect to execute this new $200 million authorization over the next two years, while retaining sufficient capital capacity to continue making long term investments in our business and to pursue strategic opportunities that may arise." The company said it expects to fund the share repurchases through cash on hand and future cash flow from operations. Polycom noted that the number of shares to be purchased and the timing of purchases will be based on the level of Polycom's cash balances, general business and market conditions, and other factors, including alternative investment opportunities and working capital needs. Polycom reports that it has returned $537 million to shareholders through share repurchase over the last two years. Polycom helps organizations unleash the power of human collaboration. More information: www.polycom.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |