BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS) today announced that it has
adopted a Rule 10b5-1 share repurchase plan for the purpose of
repurchasing up to $100 million of its common stock as part of the
Company's previously announced repurchase authorization, which the Board
of Directors increased by $10 million to $360 million. The plan will be
active from July 1, 2013 until December 31, 2013 or, if earlier, upon
the repurchase of $100 million of the Company's common stock under the
plan. The Company previously utilized a Rule 10b5-1 plan to repurchase
$250 million of its common stock between October 2012 and May 2013.
The Rule 10b5-1 plan allows for the repurchase of shares at times when
the Company might otherwise be prevented from doing so under insider
trading laws or because of self-imposed trading blackout periods.
Repurchases are subject to SEC regulations as well as certain price,
market, volume, and timing constraints specified in the plan. Because
repurchases under the plan are subject to certain constraints, there is
no guarantee as to the exact number of shares that will be repurchased
under the plan or the timing for any repurchases.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software
company that simplifies the development, deployment and management of
business applications on-premise or on any Cloud, on any platform, and
on any device with minimal IT complexity and low total cost of
ownership. Progress Software can be reached at www.progress.com
or 1-781-280-4000.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Progress has identified some of these forward-looking
statements with words like "believe," "may," "could," "would," "might,"
"should," "expect," "intend," "plan," "target," "anticipate" and
"continue," the negative of these words, other terms of similar meaning
or the use of future dates. Forward-looking statements in this press
release include, but are not limited to, statements regarding Progress's
capital allocation plans and the timing, amount and manner of returning
capital to shareholders. There are a number of factors that could cause
actual results or future events to differ materially from those
anticipated by the forward-looking statements, including, without
limitation: (1) market conditions, timing constraints and other factors
that could impact Progress's ability to complete the proposed share
repurchases under the share repurchase plan during the term of the plan
or at all; (2) market conditions, timing constraints and other factors
that could impact Progress's ability to complete the proposed return of
the additional $100 million of capital to shareholders by the end of
2013 or at all; (3) the availability of other capital allocation
alternatives to Progress and the impact of implementation of one or more
of these alternatives on Progress, its strategic plan or capital
allocation strategy; (4) Progress's ability to realize the expected
benefits and cost savings from its strategic plan; (5) market acceptance
of Progress's strategic plan and product development initiatives;; (6)
pricing pressures and the competitive environment in the software
industry and Platform-as-a-Service market; (7) Progress's ability to
make technology acquisitions and to realize the expected benefits and
anticipated synergies from such acquisitions; (8) the continuing
weakness in the U.S. and international economies, which could result in
fewer sales of Progress's products and/or delays in the implementation
of Progress's strategic plan and may otherwise harm Progress's business;
(9) business and consumer use of the Internet and the continuing
adoption of Cloud technologies; (10) the receipt and shipment of new
orders; (11) Progress's ability to expand its relationships with channel
partners and to manage the interaction of channel partners with its
direct sales force; (12) the timely release of enhancements to
Progress's products and customer acceptance of new products; (13) the
positioning of Progress's products in its existing and new markets; (14)
variations in the demand for professional services and technical
support; (15) Progress's ability to penetrate international markets and
manage its international operations; and (16) changes in exchange rates.
For further information regarding risks and uncertainties associated
with Progress's business, please refer to Progress's filings with the
Securities and Exchange Commission, including its Annual Report on Form
10-K for the fiscal year ended November 30, 2011, as amended, and
Quarterly Report on Form 10-Q for the fiscal quarter ended February 28,
2013. Progress undertakes no obligation to update any forward-looking
statements, which speak only as of the date of this press release.
Press Contact
Progress Software
Rick Lacroix, +1
781-280-4604
rlacroix@progress.com
or
Investor
Contact
Progress Software
Tom Barth, +1 781-280-4135
tobarth@progress.com
Source: Progress Software Corporation
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