February 19, 2008
On-Demand Technology Co. To Buy Back Stock
By Cory Hopkins
Acton video-on-demand technology company SeaChange International Inc. has announced a plan to repurchase up to $20 million of its common stock.
The plan authorized by the company's board of directors will allow SeaChange to begin repurchasing shares "as market conditions warrant" following its fiscal 2008 fourth quarter earnings release on March 13. The timing and exact number of shares repurchased will be at the company's discretion.
The repurchase program will be funded by the company's current cash and investment balance of more than $80 million, the company said, and will not affect shares from its management team or other company insiders.
The plan authorized by the company's board of directors will allow SeaChange to begin repurchasing shares "as market conditions warrant" following its fiscal 2008 fourth quarter earnings release on March 13. The timing and exact number of shares repurchased will be at the company's discretion.
The repurchase program will be funded by the company's current cash and investment balance of more than $80 million, the company said, and will not affect shares from its management team or other company insiders.
WBJ Web Partners
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