SonoSite Announces $50 Million Stock Repurchase Program
June 11 2010 - 6:00AM
Business Wire
SonoSite, Inc. (NASDAQ:SONO), the world leader and
specialist in bedside and point-of-care ultrasound, today announced
a stock repurchase program under which the company may purchase up
to $50 million of its common stock over the next twelve months.
Since February 2010, SonoSite has repurchased a total of
approximately 3 million shares of its common stock through a
modified “Dutch Auction” tender offer at a total cost of $88.8
million.
SonoSite may repurchase its common stock from time to time, in
amounts, at prices and at such times as it deems appropriate, all
subject to market conditions and other considerations. SonoSite may
make repurchases in the open market, in privately negotiated
transactions, accelerated repurchase programs or in structured
share repurchase programs. The repurchases will be conducted in
compliance with the SEC’s Rule 10b-18 and applicable legal
requirements and shall be subject to market conditions and other
factors. The company also expects to establish Rule 10b5-1 trading
plans from time to time to effect such purchases when
appropriate.
The program does not obligate SonoSite to acquire any particular
amount of common stock and the program may be modified or suspended
at any time at the company’s discretion. Any repurchases would be
funded from available cash on hand.
As of March 31, 2010, SonoSite had approximately $178 million in
cash, cash equivalents and short-term investment securities.
About SonoSite, Inc.
SonoSite, Inc. (www.sonosite.com), is the innovator and world
leader in hand-carried ultrasound and industry leader in impedance
cardiography equipment. Headquartered near Seattle, the company is
represented by ten subsidiaries and a global distribution network
in over 100 countries. SonoSite’s small, lightweight ultrasound
systems are expanding the use of ultrasound across the clinical
spectrum by cost-effectively bringing high-performance ultrasound
to the point of patient care.
Forward-Looking Information
and the Private Litigation Reform Act of 1995
Certain statements in this press release relating to SonoSite’s
proposed stock repurchase program, including, but not limited to,
the timing and extent of any stock repurchases, are
“forward-looking statements” for the purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on the opinions and
estimates of our management at the time the statements are made and
are subject to risks and uncertainties that could cause actual
results to differ materially from those expected or implied by the
forward-looking statements. These statements are not guaranties of
future performance and are subject to known and unknown risks and
uncertainties and are based on potentially inaccurate assumptions.
Factors that could cause actual results to differ from the
forward-looking statements include: the risk of delays in effecting
the repurchase, the risk of a significant change in the price of
SonoSite common stock, the risk of unanticipated cash requirements
or prolonged adverse conditions in the U.S. or world economies or
SonoSite's industry, as well as other factors contained in the Item
1A. “Risk Factors” section of our most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission. We caution
readers not to place undue reliance upon these forward-looking
statements that speak only as to the date of this release. We
undertake no obligation to publicly revise any forward-looking
statements to reflect new information, events or circumstances
after the date of this release or to reflect the occurrence of
unanticipated events.
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