Riverbed Technology (NASDAQ:RVBD), the performance company, announced today that its board of directors approved a $150 million increase to the share repurchase program announced August 19, 2011. The total authorized repurchase is now $300 million.
"We believe the current share price does not reflect the strength of Riverbed's long-term growth prospects," said Jerry M. Kennelly, Riverbed's president and chief executive officer. "This action underscores our confidence in our business and our continued commitment to maximizing value for our shareholders."
The stock purchases may be made from time to time on the open market in compliance with applicable state and federal securities laws. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. As of March 31, 2012, approximately $37 million had been repurchased, and as of May 18, 2012, an additional $26 million had been repurchased. Approximately $237 million remains of the newly increased program.
Forward Looking Statements
This press release contains forward-looking statements, including statements relating to Riverbed's long-term growth prospects, and statements relating to the stock repurchase program and the timing and amount, if any, of shares to be purchased thereunder. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs or develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our distribution partners; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; fluctuations in the trading volume and market price of shares of our common stock; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission. More information about these and other risks that may impact Riverbed's business are set forth in our Form 10-Q filed with the SEC on April 30, 2012. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.