CDC Corporation Provides Update on Share Repurchase and Insider Buying
August 05 2008 - 5:00PM
Business Wire
CDC Corporation (NASDAQ: CHINA), focused on enterprise software and
online games, announced today that in the second quarter of 2008,
through its share repurchase program, the company has repurchased
262,457 shares of its common stock at an average cost basis of
(U.S.)$2.90. Since the end of the second quarter, the company has
also repurchased an additional 209,517 shares of its common stock
through its share repurchase program at an average cost basis of
(U.S.)$2.39. Since the inception of the company's stock buy back
program in April 2006, it has repurchased a total of 9.5 million
shares of its common stock at an average cost basis of (U.S.)$5.53.
In addition, Peter Yip, the company�s CEO, has purchased a net
additional amount equal to 268,000 CDC Corporation common shares at
an average cost basis of (U.S.)$3.55 (including commissions), since
January 3, 2008. �I continue to believe that our shares are
undervalued and I have personally purchased shares during periods
when the trading window has been open, as well as through existing
trading plans,� said Peter Yip, CEO of CDC Corporation. �The
Company has a strong balance sheet. Additionally, we previously
reported (U.S.)$229.2 million in non-GAAP cash and cash equivalents
as of March 31, 2008 and reported (U.S.)$5.3 million in GAAP
operating cash flows in our Q1 2008 earnings release. I am
confident in CDC�s ability to demonstrate continued improvement in
its key operating metrics for the second half of 2008.� About CDC
Corporation The CDC family of companies includes CDC Software
focused on enterprise software applications and services, CDC Games
focused on online games, and China.com focused on portals for the
greater China markets. For more information about CDC Corporation
(NASDAQ: CHINA), please visit www.cdccorporation.net. Cautionary
Note Regarding Forward-Looking Statements This press release
includes "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995,
including statements relating to our belief that our shares are
undervalued, our beliefs regarding the completion and effect of our
share repurchase programs, our beliefs regarding the effects of our
lower corporate overhead, cost-savings measures and renewed focus
on operations, our beliefs regarding the generation of more
predictable and recurring revenue streams, our beliefs regarding
our prospects for the second half 2008 and other statements which
are not historic fact. These statements are based on management's
current expectations and are subject to risks and uncertainties and
changes in circumstances. There are important factors that could
cause actual results to differ materially from those anticipated in
the forward-looking statements, including the following: (a) the
ability to realize strategic objectives by taking advantage of
market opportunities in targeted geographic markets; (b) the
ability to make changes in business strategy, development plans and
product offerings to respond to the needs of current, new and
potential customers, suppliers and strategic partners; (c) the
ability to integrate operations or new acquisitions in accordance
with the company's business strategy; (d) the effects of
restructurings and rationalization of operations; (e) the ability
to address technological changes and developments including the
development and enhancement of products; (f) the ability to develop
and market successful Advanced Mobile Products; (g) the entry of
new competitors and their technological advances; (h) the need to
develop, integrate and deploy enterprise software applications to
meet customer's requirements; (i) the possibility of development or
deployment difficulties or delays; (j) the dependence on customer
satisfaction with the company's software products and services; (k)
continued commitment to the deployment of the enterprise software
solutions; (l) risks involved in developing software solutions and
integrating them with third-party software and services; (m) the
continued ability of the company's enterprise software solutions to
address client-specific requirements; (n) demand for and market
acceptance of new and existing enterprise software and services and
the positioning of the company's solutions; (o) the popularity of
CDC Games' existing and new games; and (p) the continued growth of
the online games industry in Asia. Further information on risks or
other factors that could cause results to differ is detailed in
filings or submissions with the United States Securities and
Exchange Commission made by CDC Corporation in its Annual Report
for the year ended December 31, 2007 on Form 20-F filed on June 30,
2008. All forward-looking statements included in this press release
are based upon information available to management as of the date
of the press release, and you are cautioned not to place undue
reliance on any forward-looking statements which speak only as of
the date of this press release. The company assumes no obligation
to update or alter the forward looking statements whether as a
result of new information, future events or otherwise.
Cdc Corp. (MM) (NASDAQ:CHINA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cdc Corp. (MM) (NASDAQ:CHINA)
Historical Stock Chart
From Jul 2023 to Jul 2024