More stock repurchased:
Inforte Corp. Provides Share Repurchase Update
CHICAGO, Aug. 23 /PRNewswire-FirstCall/ -- Customer and demand management consultancy Inforte Corp. (Nasdaq:INFT) today announced its $25 million share repurchase program established January 24, 2001 is substantially complete and its board of directors have approved a new $5 million repurchase authorization. Nick Padgett, Inforte's chief financial officer, stated, "We are very pleased with our buyback results to date, having repurchased over 2.7 million shares in the past 19 months. Given the large magnitude of stock that we have bought, we do not presently intend to use this new authorization to make further repurchases. Nevertheless, we want to have some available repurchase authority in place should future circumstances be such that we decide it is in Inforte's best interest to make additional repurchases."
Details of each program and other relevant cash and share details follow:
-- To date since January 2001, Inforte has repurchased over 2.7 million
shares at an average price of $9.19, for a total of $24.9 million.
-- Inforte may use the remaining $0.1 million under the original
repurchase authorization to make further repurchases, however there is
no guarantee this will occur. Inforte does not expect to announce when
its original repurchase program is completed.
-- To date during Inforte's third quarter 2002 which ends September 30,
2002, Inforte has repurchased 880,030 shares at an average price of
$8.08, for a total of $7.1 million.
-- As of June 30, 2002 (i.e., before any repurchases in third quarter
2002), Inforte had $72.8 million of cash and 11,591,465 shares
outstanding.
-- There is no expiration date on the new $5.0 million authorization.
Inforte has no present plans to repurchase stock under the new
authorization nor is there any assurance that repurchases under this
authorization will ever occur, although Inforte has the right to make
repurchases under this authorization at any time. If Inforte makes any
repurchases under the new authorization, it does not anticipate
publicly announcing such repurchases at that time.
As a reminder, Inforte's regularly scheduled mid-quarter update investor conference call will be held on Tuesday, September 10 at 4:30 pm Eastern time.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ from forward-looking results for a number of reasons, including but not limited to, factors discussed from time to time in our SEC filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. All forward-looking statements included in this document are made as of the date hereof, based on information available to Inforte on the date thereof, and Inforte assumes no obligation to update any forward-looking statements.
About Inforte Corp.
Inforte is a customer and demand management consultancy that helps clients improve customer interactions, revenue forecasting and profitability. Inforte creates strategies and implements technology solutions that enhance visibility, optimize customer and channel profitability, and integrate demand information with supply and resource planning processes. Inforte has applied a client advocacy approach and rigorous delivery methodologies to help garner references from 100 percent of its Global 2000 client base. Founded in 1993, Inforte is headquartered in Chicago and has offices in Atlanta, Dallas, London, Los Angeles, New York and San Francisco. For more information, contact Inforte at 800-340-0200 or visit inforte.com.
CONTACT: Media, Maurissa Kanter, Director of Public Relations of Inforte Corp., 312-540-0900, or email, maurissa.kanter@inforte.com, Investor Relations, IR Hotline, 312-233-9600 or email, ir@inforte.com.
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SOURCE Inforte Corp.
CO: Inforte Corp.
ST: Illinois
SU: CCA
prnewswire.com
08/23/2002 02:00 EDT |
