Zix's Board of Directors Approves Share Repurchase Program [Manufacturing Close - Up]
(Manufacturing Close - Up Via Acquire Media NewsEdge) Zix Corp. reported that its board of directors approved a share repurchase program that enables the company to purchase up to $10 million of its shares of common stock from time to time in the open market.
According to a release from the company, the amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. The share purchases will be funded from cash from operations and may be suspended or discontinued at any time. The share repurchase program is scheduled to expire on March 31, 2015.
"Our confidence in our business and our strong cash generation enables us to execute another share repurchase program," said Rick Spurr, ZixCorp's Chairman and Chief Executive Officer. "We can launch this stock buyback and still have sufficient cash to continue to invest in our business."
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