EFI Announces Additional $100 Million Share Repurchase Program
Press release from the issuing company
November 15, 2007 - FOSTER CITY, Calif. - EFI, the world leader in customer-focused digital printing, announced today that its Board of Directors has authorized a program to repurchase up to $100 million of the company's common stock. This program is in addition to the previously authorized repurchase program for up to $100 million.
"We are pleased to increase our current share buyback authorization by an additional $100 million, which reflects our confidence in the company's long term opportunities," said Guy Gecht, CEO of EFI. "Our strong balance sheet combined with the high cash flow generation of our business allows us to expand our buyback program while still providing capital for growth through strategic acquisitions."
The company intends, from time to time, as business conditions warrant, to purchase stock in the open market or through private transactions. Purchases may be increased, decreased or discontinued at any time without prior notice. The company intends to continue to observe certain repurchase conditions, including daily volume limitations, as provided under the applicable SEC safe harbor rules. Since the end of the third quarter of 2007, the company has repurchased approximately $55 million of the company's common stock. The repurchase programs do not obligate the company to repurchase any specific number of shares and may be suspended at any time at management's discretion.
EFI will discuss its operations along with its growth strategy at the Company's Investor Day on November 27, 2007 in New York City.
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