Nuance Announces $500 Million Stock Repurchase Plan
BURLINGTON, Mass. -- April 30, 2013
Nuance Communications, Inc. (NASDAQ: NUAN) today announced that its Board of
Directors has approved a $500 million stock repurchase plan, reflecting the
Company’s strong balance sheet and prospects for continued growth.
“Our decision to initiate a $500 million stock repurchase plan emphasizes the
ongoing commitment on the part of the Board of Directors and the management
team to enhance stockholder value and reflects our confidence in Nuance’s
growth prospects and long-term financial outlook,” said Tom Beaudoin, chief
financial officer, Nuance. “Our strong balance sheet and significant cash flow
from operations provide the flexibility to simultaneously invest in our
business, initiate a share repurchase program and opportunistically take
advantage of strategic opportunities.”
Under the plan, Nuance intends to repurchase up to $500 million of its
outstanding shares of common stock.
Stock repurchases may be made through a variety of methods, which may include
open market purchases, privately negotiated transactions, block trades,
accelerated stock repurchase transactions, or any combination of such methods.
The timing and the amount of any purchases will be determined by the Company’s
management based on its evaluation of market conditions, capital allocation
alternatives, and other factors. The share repurchase plan does not require
the Company to acquire any specific number of shares and may be modified
suspended, extended or terminated by the Company at any time without prior
notice. The share repurchase plan is designed to comply with U.S. securities
laws, rules and safe harbors for purchases that do not constitute tender
offers. These restrictions can lengthen the time it may take for Nuance to
acquire its shares under this repurchase plan.
About Nuance Communications, Inc.
Nuance is a leading provider of voice and language solutions for businesses
and consumers around the world. Its technologies, applications and services
make the user experience more compelling by transforming the way people
interact with information and how they create, share and use documents. Every
day, millions of users and thousands of businesses experience Nuance’s proven
applications and professional services. For more information, please
Nuance and the Nuance logo are trademarks or registered trademarks of Nuance
Communications, Inc. or its subsidiaries in the United States of America
and/or other countries. All other company names or product names may be the
trademarks of their respective owners.
Safe Harbor and Forward-Looking Statements
Statements in this document regarding the share repurchase plan and Nuance
management’s future expectations, beliefs, goals, plans or prospects
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements that are not
statements of historical fact (including statements containing the words
“believes,” “plans,” “anticipates,” “expects,” or “estimates” or similar
expressions) should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results or events to
differ materially from those indicated by such forward-looking statements,
including: fluctuations in demand for Nuance’s existing and future products;
economic conditions in the United States and abroad; Nuance’s ability to
control and successfully manage its expenses and cash position; the effects of
competition, including pricing pressure; possible defects in Nuance’s products
and technologies; and the other factors described in Nuance’s annual report on
Form 10-K for the fiscal year ended September 30, 2012 and quarterly report on
Form 10-Q for the fiscal quarter ended December 31, 2012 filed with the
Securities and Exchange Commission. Nuance disclaims any obligation to update
any forward-looking statements as a result of developments occurring after the
date of this document.
Nuance Communications, Inc.
Kevin Faulkner, 408-992-6100
For Press and Investors
Richard Mack, 781-565-5000
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