Source: Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment and invoice automation solutions, today announced that its Board of Directors has authorized the repurchase of $10 million of the company’s common stock from time to time, on the open market or in privately negotiated transactions.
The company's previously announced stock repurchase program has been completed. As of May 29, 2007, the company had approximately 24 million shares outstanding.
"Based on the strength of our balance sheet and operating cash flow projections, our Board has determined that expanding our stock repurchase program is consistent with our commitment to delivering value to our shareholders," said Kevin Donovan, Chief Financial Officer of Bottomline Technologies.
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. The repurchase program may be suspended or discontinued at anytime. Any repurchased shares will be available for use in connection with Bottomline's stock plans and for other corporate purposes.