Corporate Executive Board (NYSE:EXBD) has approved a new $50 million stock repurchase program with authorization through the end of next year.
The Arlington, Va.-based provider of business insights, data, and tools to business executives and professionals plans to finish buying back the remaining $18.3 million remaining available as of June 30 under its earlier-approved plan.
The Board's decision to implement a new share repurchase program reflects confidence in our growth opportunities and in our ability to generate strong cash flows, the companys chief executive, Thomas Monahan, said in a statement.
The transactions may be made through open market purchases or privately negotiated deals. The timing and exact number of shares will be determined by the companys management. Corporate Executive is not required to utilize all $50 million under the authorization.
The company said its priorities for capital allocation remain unchanged, and it plans on maintaining a strong financial position, while preserving flexibility for strategic investments such as this and quarterly dividends.
This new share repurchase program supplements this strategy by allowing us to opportunistically offset historical and future dilution from employee equity compensation programs, Monahan said in a statement.