노스캐롤라이나주 롤리 - —
Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced that its Board of Directors has authorized the repurchase of up to $300 million of Red Hat’s common stock from time to time on the open market or in privately negotiated transactions.
The new program replaces the previous $300 million repurchase program, the final $179 million of which was completed since February 28, 2013 at an average price of $49.15 per share, inclusive of commissions, for a total of 3.6 million shares. “Over the last 13 months we have repurchased $300 million or 5.9 million shares of Red Hat common stock under the current program, equivalent to 3% of our shares outstanding as of February 28, 2013,” stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. “Our management team and Board of Directors have a strong conviction in our long-term growth prospects and our ability to generate profits and cash flow. We believe that stock repurchases demonstrate our commitment to building shareholder value as well as confidence in achieving long-term growth.”
The timing and the amount of any repurchases of common stock will be determined by Red Hat management based on its evaluation of market conditions and other factors. Repurchases of common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when Red Hat might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.
The repurchase program will be funded using Red Hat’s working capital. As of February 28, 2013, Red Hat had cash and investments of approximately $1.3 billion.
Red Hat had approximately 193.0 million shares of common stock outstanding as of February 28, 2013.
About Red Hat, Inc.
Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As a connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more: http://www.redhat.com.
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