PCTEL Board of Directors Authorizes Increase of Stock Buyback Program
April 20 2015 - 4:30PM
Business Wire
Company to buyback an additional 500,000
shares
PCTEL, Inc. (NASDAQ:PCTI), a leader in Performance
Critical Telecom solutions announced today that the
PCTEL Board of Directors authorized the re-purchase of 500,000
shares which is in addition to the previously announced buyback of
up to five (5) percent of the company's outstanding shares. PCTEL
will file a 10b5-1 plan during the current open trading window that
will outline the parameters for this program. In total, the company
is in the process of buying back 1,426,000 shares.
“The stock buyback is consistent with our balanced approach to
capital allocation,” said Marty Singer, PCTEL’s Chairman and CEO.
“While we have made investments, most recently in network
analytics, that will expand our field of play in wireless products
and services, we also recognize the value of investing in PCTEL at
attractive levels and providing a greater opportunity for
shareholder return,” added Singer.
Since 2002, PCTEL has repurchased $71 million of its stock and
paid a one-time dividend of $10.3 million. Between 2011 and May
2015 the company will have paid $10.2 million in quarterly
dividends. The company has nearly $39 million in cash and
short-term investments. In the fourth quarter 2014, the company
generated $29.4 million in revenue and increased cash and
investments by $1.1 million. The company will be reporting the
results of its quarter ended March 31, 2015 on May 5, 2015 after
the market closes.
About PCTEL
PCTEL delivers Performance Critical Telecom
solutions. The industry relies upon PCTEL to benchmark network
performance, analyze trends, and optimize wireless networks.
PCTEL's antennas and site solutions are vital elements for SCADA,
oil and gas, utilities, fleet management, health care, public
safety, education, small cell, and network timing.
PCTEL's RF Solutions products and services improve the
performance of wireless networks globally. PCTEL's performance
critical products include its MXflex™, IBflex®, and EXflex®
SeeGull® scanning receivers and related SeeHawk® and SeeWave™
tools. PCTEL's sophisticated engineering services utilize these
products as well as the Meridian™ network analytics tool.
PCTEL Connected Solutions™ designs and delivers
performance critical antennas and site solutions for wireless
networks globally. PCTEL's performance critical MAXRAD® and
Bluewave™ antenna solutions include high rejection and high
performance GPS and GNSS products, the industry leading Yagi
portfolio, mobile and indoor LTE, broadband, and LMR antennas and
PIM-rated antennas for transit, in-building, and small cell
applications. We provide performance critical mobile towers for
demanding emergency and oil and gas network applications and
leverage our design, logistics, and support capabilities to deliver
performance critical site solutions into carrier, railroad, and
utility applications.
PCTEL's products are sold worldwide through direct and indirect
channels. For more information, please visit the company's web
sites: www.pctel.com, www.antenna.com, or
www.rfsolutions.pctel.com.
PCTEL, Inc.Jack SellerPublic
Relations(630)339-2116jack.seller@pctel.com
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