PORTSMOUTH, N.H.--(BUSINESS WIRE)--Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, today announced that its Board of Directors has authorized the repurchase of up to $20 million of the company’s common stock from time to time, on the open market or in privately negotiated transactions. This program replaces the company’s stock repurchase program announced in 2008.
“This stock repurchase program reflects our confidence in Bottomline’s financial strength and future prospects,” said Kevin Donovan, Chief Financial Officer of Bottomline. “Our strong balance sheet and cash flow from operations allows us to enhance stockholder value by repurchasing shares while we also pursue advancement of innovative cloud-based solutions and other opportunities that we believe will drive Bottomline’s long-term growth.”
The timing and amount of any shares repurchased will be determined by Bottomline’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides cloud-based payment, invoice and banking solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust Bottomline to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Bottomline Technologies and the BT logo are trademarks of Bottomline Technologies (de), Inc. which may be registered in certain jurisdictions. All other brand/product names are trademarks of their respective holders.
Cautionary Language
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the company’s intention to repurchase shares from time to time under the stock repurchase program and statements in Mr. Donovan’s quote concerning Bottomline’s future prospects, opportunities and long-term growth. Any statements that are not statements of historical fact (including but not limited to statements containing the words “will”, “believes,” “plans,” “anticipates,” “expects,” “look forward”, “estimates” and similar expressions) should be considered to be forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Among these important factors are the market price of the company’s stock prevailing from time to time, the nature of other investment opportunities available to the company, the company’s cash flows from operations, acquisitions, international operations, general economic conditions and other factors identified in the Company's Form 10-K for the fiscal year ended June 30, 2011 and any subsequently filed Form 10-Q’s and Form 8-K’s or amendments thereto. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.