Edgewater Announces $7.0 Million Extension of Stock Repurchase Program
WAKEFIELD, Mass., Sept. 19, 2013 (GLOBE NEWSWIRE) -- Edgewater Technology,
Inc. (Nasdaq:EDGW), a leading consulting firm that brings a blend of classic
and product-based consulting services to its clients, announced that its Board
of Directors has approved an extension of the company's stock repurchase
program (the "Repurchase Program") to September 19, 2014 (the "Extended
The Repurchase Program, which was originally announced in December 2007 and
subsequently amended, allowed for the repurchase of up to $16.1 million of the
company's common stock. The Extended Repurchase Program will increase the
amount of the repurchase authorization by $7.0 million, from $16.1 million to
$23.1 million. To date, Edgewater has repurchased approximately $13.1 million
of its shares, leaving a remaining authorization of approximately $10.0
"The extension and expansion of our stock repurchase program reflects
Edgewater's continued commitment to value creation for our shareholders," said
Shirley Singleton, Edgewater's chairman, president and CEO. "As we have stated
in the past, this action reaffirms the confidence we have in Edgewater's
financial strength and our ability to generate positive free cash flow."
Under the Extended Repurchase Program, the company's common stock may be
purchased from time-to-time on the open market or through privately negotiated
transactions. The timing and amount of the purchases will be based upon market
conditions, securities law considerations and other factors. The Extended
Repurchase Program does not obligate the company to acquire a specific number
of shares in any period and may be modified, suspended, extended or
discontinued at any time, without prior notice.
Repurchased common shares will be held as treasury shares, a portion of which
may be used to satisfy Edgewater's current and near-term requirements under
its equity incentive and other benefit plans.
Edgewater Technology, Inc. (Nasdaq:EDGW) is a strategic consulting firm
delivering a blend of classic and product-based consulting services. Edgewater
addresses the market both vertically by industry and horizontally by product
and technology specialty, providing its client base with a wide range of
business and technology solutions. As one of the largest IT consulting firms
based in New England, the company works with clients to reduce costs, improve
processes and increase revenue through the judicious use of technology.
Edgewater's brand names include Edgewater Technology, Edgewater Ranzal and
Edgewater Fullscope. To learn more, please visit www.edgewater.com.
CONTACT: Company Contact:
Timothy R. Oakes
Chief Financial Officer
Liolios Group, Inc.
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