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Board of Directors Authorizes 250 Million Expansion of Share Repurchase Program
Akamai Technologies, Inc. (NASDAQ: AKAM), the leading provider of cloud optimization services, today announced that its Board of Directors has approved a $250 million increase in the current authorized share repurchase program, raising the total authorized amount under the program to $400 million for the twelve-month period ending in early May 2012.
The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit the Company to repurchase shares when the Company might otherwise be precluded from doing so under insider trading laws. The Company may choose to suspend or discontinue the repurchase program at any time but cannot carry over unused authorization amounts to future periods.
“The Board's authorization of an increased share repurchase program reflects our confidence in the long-term outlook of the business,” said Paul Sagan, CEO of Akamai. "With our strong balance sheet and cash flows, we believe we can accelerate our share repurchases while maintaining the flexibility to make strategic investments in the future.”
During the second quarter of 2011, the Company repurchased approximately 1.5 million shares of common stock for $50.5 million at an average price of $32.90 per share. As of June 30, 2011, the Company had repurchased 8.3 million shares of common stock for $251.5 million at an average price of $30.15 per share under the share repurchase programs initially approved by the Board of Directors in April 2009.
Akamai® provides market-leading, cloud-based services for optimizing Web and mobile content and applications, online HD video, and secure e-commerce. Combining highly-distributed, energy-efficient computing with intelligent software, Akamai's global platform is transforming the cloud into a more viable place to inform, entertain, advertise, transact and collaborate. To learn how the world's leading enterprises are optimizing their business in the cloud, please visit www.akamai.com or blogs.akamai.com, and follow @Akamai on Twitter.
Akamai Statement Under the Private Securities Litigation Reform Act
This release contains information about future expectations, plans and prospects of Akamai's management that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements concerning the planned amount of repurchases of our common stock. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, changes in operating cash flows, a determination by the Board of Directors or management to terminate the repurchase plan and other factors that are discussed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC.