(NYSE: CIEN), a network strategy and technology company, today announced
that its Board of Directors has authorized a program to repurchase up to
$300 million of the company’s common stock through the end of fiscal
“Our share repurchase program reflects the strength of our balance
sheet, the stability of our business today and the confidence we have in
our future. It also demonstrates our intent to incorporate the return of
capital to shareholders in our strategic and operating plans as the
business continues to grow and generate cash,” said Ciena’s Chief
Financial Officer James E. Moylan, Jr.
Ciena may purchase shares at management’s discretion in the open market,
in privately negotiated transactions, in transactions structured through
investment banking institutions, or a combination of the foregoing. The
Company may also, from time to time, enter into Rule 10b5-1 plans to
facilitate repurchases of its shares under this authorization. The
amount and timing of repurchases are subject to a variety of factors
including liquidity, cash flow, stock price, and general business and
market conditions. The program may be modified, suspended or
discontinued at any time.
The share repurchase program will be funded with cash on hand or cash
generated from operations.
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