KVH Announces Share Repurchase Program
July 30 2007 - 7:15AM
PR Newswire (US)
MIDDLETOWN, R.I., July 30 /PRNewswire-FirstCall/ -- KVH Industries,
Inc., (NASDAQ:KVHI) announced today that its Board of Directors has
authorized a share repurchase program of up to 1 million shares, or
approximately 6.7% of the company's outstanding common stock. "This
decision is a reflection of our confidence in the company's
strategy and our ability to exploit the many opportunities that lie
ahead," said Martin Kits van Heyningen, KVH's president and chief
executive officer. "Our strong balance sheet position and ongoing
commitment to the creation of long-term shareholder value prompted
us to initiate this share repurchase program. At the same time, we
will maintain the financial resources necessary to invest in the
strategic growth initiatives that are critical to our continued
success." Under the program, the company, at management's
discretion, may repurchase shares on the open market from time to
time, in privately negotiated transactions or block transactions,
or through an accelerated repurchase agreement. The timing of such
repurchases will depend on availability of shares, price, market
conditions, alternative uses of capital, and applicable regulatory
requirements. The program may be modified, suspended or terminated
at any time without prior notice. About KVH Industries, Inc. KVH
Industries, Inc., is a premier manufacturer of systems to provide
access to live mobile media ranging from satellite TV to telephone
and high- speed Internet for vehicles and vessels as well as a
leading source of navigation, pointing, and guidance solutions for
maritime, defense, and commercial applications. The company's
products are based on its proprietary mobile satellite antenna and
fiber optic technologies. An ISO 9001-certified company, KVH is
based in Middletown, Rhode Island. This document contains
"forward-looking statements" -- that is, statements related to
future, not past, events. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as "expect,"
"anticipate," "intend," "plan," believe," "seek," or "will."
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For us, particular
uncertainties that could adversely or positively affect our future
results include: the functionality, characteristics, quality and
performance of KVH's products and technology; anticipated
innovation and product development; and customer preferences,
requirements and expectations. These uncertainties may cause our
actual future results to be materially different than those
expressed in our forward-looking statements. Factors that may cause
such differences include, among others, those discussed in KVH's
most recent Form 10-Q filed with the SEC. KVH does not assume any
obligation to update its forward-looking statements to reflect new
information or developments. DATASOURCE: KVH Industries, Inc.
CONTACT: Chris Watson, KVH Industries, +1-401-845-8138, Web site:
http://www.kvh.com/
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