Marchex, Inc. (NASDAQ: MCHX) today announced that its Board of Directors has approved a 1 million share increase to the company’s ongoing share repurchase program. This increase is in addition to the approximately 1 million share authorization that was remaining under the program as of May 11, 2012. The share repurchase program authorizes the purchase of the company's Class B common stock through open market and privately negotiated transactions, at times and in such amounts as the company deems appropriate.
“Based on the company’s strong cash generating capabilities we believe Marchex has the flexibility to be opportunistic with respect to share repurchases in the future,” said Mike Arends, Chief Financial Officer. “We continue to believe Marchex is well positioned as a leader in the emerging performance-based mobile advertising market and the current stock price does not reflect the substantial progress we’ve made building a strong business, nor does it reflect the underlying asset value of the company.”
Marchex, Inc. is a leading mobile and online advertising company that drives millions of consumers to connect with businesses over the phone, delivers the most quality phone calls in the industry, and provides in-depth analysis of those phone calls.Marchex supports its customers through a unique technology platform that has three primary components: (1) Call Analytics, which powers all of our advertising solutions, and allows partners to leverage data and insights that accurately measure the performance of mobile, online and offline call advertising; (2) Digital Call Marketplace, which connects hundreds of millions of consumer calls to our advertisers annually from a range of mobile and online sources on a Pay For Call basis; and (3) Local Leads, a white-labeled, full service digital advertising solution for small business resellers that drives quality phone calls and other leads to their small business advertisers.