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magicJack VocalTec Ltd. (Nasdaq:CALL), a leading VoIP cloud-based communications company, today announced that its Board of Directors has authorized a new share repurchase program under which the company may repurchase up to $20.0 million of its outstanding common stock from time to time on the open market or in privately negotiated transactions.
The company’s prior $100 million repurchase program, pursuant to which $91.3 million of its outstanding common stock was repurchased and $8.7 million remained authorized for repurchases has been terminated.
“We are pleased to be putting this new $20 million stock repurchase program in place. The program reflects the continued strength of our balance sheet and commitment to utilize our cash to support growth and enhance shareholder value,” said Gerald Vento, President and CEO of magicJack VocalTec.
The timing and amount of any shares repurchased will be determined by magicJack’s management based on its evaluation of market conditions, prices, available funds, alternative uses of capital and other factors. We currently contemplate that any purchases will be made only during open trading window periods under the company’s Insider Trading Policy. In the future, we may enter into a Rule 10b5-1 plan, which would permit shares to be repurchased when magicJack might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be retired.
The repurchase program will be funded using magicJack’s working capital. As of December 31, 2014, magicJack had cash and cash equivalents of $75.9 million and approximately 17.8 million shares of common stock outstanding.
magicJack VocalTec Ltd. (Nasdaq:CALL), the inventor of magicJack and a pioneer in Voice over IP (VoIP) technology and services, is, the company said, “a leading cloud communications company.
“With its easy-to-use, low cost solution for telecommunications, the Company has sold more than 10 million award-winning magicJack devices, now in its fourth generation, has millions of downloads of its free calling app, and holds more than 30 technology patents. magicJack is the largest-reaching CLEC (Competitive Local Exchange Carrier) in the United States in terms of area codes available and number of states in which it is certified.”
