KVH Announces Share Repurchase Program
9:12 am ET October 7, 2019 (Globe Newswire)
KVH Industries, Inc., (Nasdaq: KVHI) announced today that its Board of Directors has authorized a share repurchase program of up to 1 million shares, or approximately 5.5% of the company's outstanding common stock.
"The authorization of a stock repurchase program underscores our commitment to the Company's shareholders. This decision demonstrates our confidence in the company's strategy, our strong balance sheet, and our ability to leverage the many strategic opportunities that lie ahead," said Martin Kits van Heyningen, chief executive officer of KVH Industries. "We believe we can continue to invest in strategic growth initiatives, maintain financial flexibility, and return excess capital to shareholders, all of which should keep us on the path toward building long-term value."
Under the program, the company, at management's discretion, may repurchase shares from time to time through various means, including on the open market, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The company may elect to make purchases under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, which imposes certain volume limitations, and/or under Rule 10b5-1 under that act, which would permit repurchases to occur during periods when the company might otherwise be precluded from making purchases under insider trading laws or company policy. The volume and timing of any such repurchases will depend on a variety of factors, including the availability of shares, price, market conditions, alternative uses of capital, liquidity, general business conditions, satisfaction of debt covenants, and applicable regulatory requirements. The program does not obligate the company to repurchase any minimum number or dollar amount of shares, and the program may be modified, suspended or terminated at any time without prior notice. |
