Faro Announces $30 Million Share Repurchase Program
December 2, 2008
LAKE MARY, FL, November 24-Faro Technologies Inc., manufacturer of portable, computerized measurement devices and software, has announced that its board of directors approved a program to acquire up to $30 million of the company's common stock.
"Our strong balance sheet combined with continuing strong cash flows enable us to return value to our shareholders with this repurchase program," says Jay Freeland, Faro's president and chief executive officer. "The current stock price levels provide a compelling argument for a stock repurchase and reflect our confidence in the company's long-term growth prospects. The repurchase will not affect our ongoing growth strategies, both organically and inorganically. This is simply a reflection on our view of the strength of this company."
The company expects to repurchase shares from time to time depending on market conditions, subject to trading restrictions and other legal requirements. The program may be discontinued at any time.