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FOSTER CITY, Calif., Sept. 4, 2012 (GLOBE NEWSWIRE) -- Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, today announced that its Board of Directors has approved the repurchase of up to $100 million of the Company's outstanding shares of common stock. The Company will enter into a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to facilitate the repurchases in accordance with certain price, volume and timing conditions. While the share repurchase authorization expires in 18 months, the Company expects to complete the repurchases by the end of 2013.
EFI will fund the program using a portion of the proceeds from the pending sale of the Company's headquarters and cash on hand. EFI previously announced on July 19 that it entered into a real estate asset sale agreement with Gilead Sciences, Inc., to sell its Foster City facility for $180 million. The transaction is expected to close in October 2012, subject to various closing conditions.
The new share repurchase program allows the Company to repurchase its shares through open market purchases, privately negotiated transactions or otherwise, subject to market conditions, applicable legal requirements and other factors, including the conditions specified under any 10b5-1 plan. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without notice.
The Company has no obligation to repurchase shares under the authorization.
This authorization replaces an existing share repurchase program approved by the Board in August 2011 that provided for the repurchase of up to $30 million of the Company's common stock. The remaining $20 million of authorization under the previous program will not be used.
www.efi.com ) is a worldwide provider of products, technology, and services leading the transformation of analog to digital imaging. Based in Silicon Valley with offices around the globe, the company's powerful integrated product portfolio includes digital front-end servers; superwide, wide-format, label, and ceramic inkjet presses and inks; production workflow, web-to-print, and business automation software; and office, enterprise, and mobile cloud solutions. These products allow users to produce, communicate and share information in an easy and effective way, and enable businesses to increase their profits, productivity, and efficiency.
The Electronics For Imaging, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7332Safe Harbor for Forward Looking Statements
Certain statements in this press release 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. Statements other than statements of historical fact and statements in the future tense are forward looking statements. The statements in this press release that could be deemed forward-looking statements include statements regarding the entry into a 10b5-1 plan, the expected date of completion of the repurchase program, the funding of the share repurchase program, the timing, duration and methods of share repurchases, the expected closing date for the real estate asset sale transaction and any statements or assumptions underlying any of the foregoing.