BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS) today announced that it has
adopted a Rule 10b5-1 share repurchase plan for the purpose of
repurchasing up to $250 million of its common stock as part of the
Company's previously announced $350 million repurchase authorization.
The plan is effective from October 24, 2012 until June 30, 2013 or, if
earlier, upon the repurchase of $250 million of the Company's common
stock under the plan.
The Rule 10b5-1 plan allows for the repurchase of shares at times when
the Company might otherwise be prevented from doing so under insider
trading laws or because of self-imposed trading blackout periods.
Repurchases are subject to SEC regulations as well as certain price,
market, volume, and timing constraints specified in the plan. Because
repurchases under the plan are subject to certain constraints, there is
no guarantee as to the exact number of shares that will be repurchased
under the plan or the timing for any repurchases. The Board of Directors
remains committed to returning capital to shareholders and will evaluate
all capital allocation alternatives to fulfill the Company's previously
announced repurchase authorization by the end of fiscal year 2013.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software
company that simplifies the development, deployment and management of
business applications on-premise or on any Cloud, on any platform, and
on any device with minimal IT complexity and low total cost of
ownership. Progress Software can be reached at www.progress.com
or 1-781-280-4000.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Progress has identified some of these forward-looking
statements with words like "believe," "may," "could," "would," "might,"
"should," "expect," "intend," "plan," "target," "anticipate" and
"continue," the negative of these words, other terms of similar meaning
or the use of future dates. Forward-looking statements in this press
release include, but are not limited to, statements regarding Progress's
capital allocation plans and the timing, amount and manner of returning
capital to shareholders. There are a number of factors that could cause
actual results or future events to differ materially from those
anticipated by the forward-looking statements, including, without
limitation: (1) market conditions, timing constraints and other factors
that could impact Progress's ability to complete the proposed share
repurchases under the share repurchase plan during the term of the plan
or at all; (2) market conditions, timing constraints and other factors
that could impact Progress's ability to complete the proposed return of
at least $350 million of capital to shareholders by the end of fiscal
year 2013 or at all; (3) the availability of other capital allocation
alternatives to Progress and the impact of implementation of one or more
of these alternatives on Progress, its strategic plan or capital
allocation strategy; (4) Progress's ability to realize the expected
benefits and cost savings from its strategic plan; (5) market acceptance
of Progress's strategic plan and product development initiatives; (6)
disruption caused by the previously announced CEO transition and/or
implementation of the strategic plan and related restructuring and
divestitures on relationships with employees, customers, ISVs, other
channel partners, vendors and other business partners; (7) pricing
pressures and the competitive environment in the software industry and
Platform-as-a-Service market; (8) Progress's ability to complete the
proposed product divestitures in a timely manner, at favorable prices or
at all; (9) Progress's ability to make technology acquisitions and to
realize the expected benefits and anticipated synergies from such
acquisitions; (10) the continuing weakness in the U.S. and international
economies, which could result in fewer sales of Progress's products
and/or delays in the implementation of Progress's strategic plan and may
otherwise harm Progress's business; (11) business and consumer use of
the Internet and the continuing adoption of Cloud technologies; (12) the
receipt and shipment of new orders; (13) Progress's ability to expand
its relationships with channel partners and to manage the interaction of
channel partners with its direct sales force; (14) the timely release of
enhancements to Progress's products and customer acceptance of new
products; (15) the positioning of Progress's products in its existing
and new markets; (16) variations in the demand for professional services
and technical support; (17) Progress's ability to penetrate
international markets and manage its international operations; and (18)
changes in exchange rates. For further information regarding risks and
uncertainties associated with Progress's business, please refer to
Progress's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the fiscal year ended
November 30, 2011, as amended, and Quarterly Reports on Form 10-Q for
the fiscal quarters ended February 29, 2012, May 31, 2012 and August 31,
2012. Progress undertakes no obligation to update any forward-looking
statements, which speak only as of the date of this press release.
Investor Relations / Media:
Progress Software Corporation
Tom
Barth, 781-280-4135
tobarth@progress.com
Source: Progress Software Corporation
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