Document Sciences Announces Repurchase of Stock From Xerox Corporation
Thursday, November 20, 2003
CARLSBAD, Calif., Nov. 19 -- Document Sciences Corporation today reported that it has repurchased 740,024 shares of its common stock from Xerox Corporation in a privately negotiated transaction with Xerox. The repurchased shares represent approximately 19% of the Company's outstanding common stock as of November 14, 2003. The aggregate purchase price for the Xerox shares was approximately $2,688,566 or $3.63 per share. The purchase price was based on an eight percent discount from the average of the Company's closing price per share for the ten trading days before the date of the repurchase. After the repurchase of the Xerox shares, the Company has approximately 3.2 million shares of common stock outstanding. "The repurchase of the Xerox shares reduces the number of shares of our common stock outstanding which in turn we believe increases the value of our common stock by enabling each remaining share of common stock to represent more ownership," said Jack McGannon, Document Sciences' President and CEO. "This action is consistent with our objective to increase stockholder value over the long term. Xerox has been a key contributor to our success and we believe will remain a valuable partner of Document Sciences."