INNODATA ISOGEN, INC. (NASDAQ: INOD) today announced that its Board of Directors has authorized the repurchase of up to $2 million of its common stock in open market or private transactions. The timing and nature of repurchases are subject to market and business conditions and applicable securities laws. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.
In June 2010 the Board authorized the repurchase of $2.1 million of common stock. The Company subsequently bought back approximately 758,000 shares in open market transactions at a volume-weighted average price of $2.77 per share, representing almost the entire June 2010 authorization.
“Our board’s decision to authorize this new share repurchase program underscores our confidence in our market opportunity and our growth strategy,” said Jack Abuhoff, Chairman and CEO of Innodata. “At June 30, 2011, we reported cash and cash equivalents and investments of $26.9 million, or $1.08 per diluted share, and no long-term debt. We believe that this plan represents a prudent use of capital and a way to create long-term value for our stockholders.”
About InnodataInnodata (NASDAQ: INOD) is a leading provider of business process, technology and consulting services, as well as products and solutions, that help our valued clients create, manage, use and distribute digital information. Propelled by a culture of quality, service and innovation, we have developed a client base that includes many of the world’s most preeminent media, publishing and information services companies, as well as leading enterprises in information-intensive industries such as aerospace, defense, financial services, government, healthcare, high technology, insurance, intelligence, manufacturing and law. Recent honors include EContent Magazine’s EContent 100, KMWorld Magazine’s 100 Companies That Matter in Knowledge Management, the International Association of Outsourcing Professionals’ (IAOP) Global Outsourcing Top 100, D&B India’s Leading ITeS and BPO Companies and the Black Book of Outsourcing’s Top List of Leading Outsourcing Providers to the Printing and Publishing Business. Headquartered in the New York metro area, Innodata has offices and operations in the United States, the United Kingdom, Israel, India, Sri Lanka, and the Philippines.