From WSJ.com:
TiVo Inc.'s (TIVO) board has authorized a $100 million stock repurchase program over the next two years, joining a string of companies that have recently boosted stock buybacks as a way to reward shareholders and put cash they have accumulated to use.
Shares jumped 4.6% to $8 in recent premarket trading as the company said it believes it has the resources to drive long-term value for it shareholders.
The company had 120.7 million shares outstanding as of May 31 and said the repurchase program will be funded through existing cash.
"We believe that the repurchase of our common stock represents one effective use of our capital and underscores our commitment to maximize value for our shareholders, given the significant recent market weakness," said President and Chief Executive Tom Rogers.
TiVo had posted wider losses in recent quarters amid lower revenue and higher costs. It also has reported lower subscriber counts. However, in May, TiVo reported it swung to a first-quarter profit on a recent legal settlement with Dish Network Corp. (DISH), marking the most profitable quarter in the company's history.
-By Nathalie Tadena, Dow Jones Newswires
TiVo To Buy Back $100 Million In Common Stock - WSJ.com
TiVo Inc.'s (TIVO) board has authorized a $100 million stock repurchase program over the next two years, joining a string of companies that have recently boosted stock buybacks as a way to reward shareholders and put cash they have accumulated to use.
Shares jumped 4.6% to $8 in recent premarket trading as the company said it believes it has the resources to drive long-term value for it shareholders.
The company had 120.7 million shares outstanding as of May 31 and said the repurchase program will be funded through existing cash.
"We believe that the repurchase of our common stock represents one effective use of our capital and underscores our commitment to maximize value for our shareholders, given the significant recent market weakness," said President and Chief Executive Tom Rogers.
TiVo had posted wider losses in recent quarters amid lower revenue and higher costs. It also has reported lower subscriber counts. However, in May, TiVo reported it swung to a first-quarter profit on a recent legal settlement with Dish Network Corp. (DISH), marking the most profitable quarter in the company's history.
-By Nathalie Tadena, Dow Jones Newswires
TiVo To Buy Back $100 Million In Common Stock - WSJ.com
