Constant Contact announced recently a $50 million stock repurchase program.
Under the stock repurchase program, Constant Contact is authorized to repurchase up to $50 million of the company’s common stock. The company intends to purchase shares pursuant to a 10b5-1 trading plan through July 2016. Shares may also be repurchased from time-to-time in privately negotiated transactions or in the open market in accordance with applicable securities laws and stock exchange rules. The timing and amount of any stock repurchases will be determined by Constant Contact’s management based on its evaluation of market conditions, share price and other factors. The stock repurchase program does not obligate Constant Contact to acquire any particular amount of common stock and may be suspended, modified or discontinued at any time at the company’s discretion without prior notice. The company expects to fund the stock repurchase program from its cash and cash equivalents.
“The $50 million stock repurchase program we announced today, the third in the history of Constant Contact, reflects our continued belief that we have the strategy, products, and team to achieve our long-term vision,” sayd Gail Goodman, chief executive officer of Constant Contact. “Our strong financial position allows us to invest in growing our business and achieving our strategic objectives, while at the same time returning cash to shareholders.” Nely Bonar