PCTEL Board of Directors Authorizes Additional Stock Buyback of 1.3 Million Shares
August 10 2015 - 4:30PM
Business Wire
Adds to 500,000 Authorized in April
PCTEL, Inc. (NASDAQ:PCTI), a leader in Performance
Critical Telecom solutions, announced today that the
PCTEL Board of Directors authorized the re-purchase of an
additional 1,300,000 shares of its common stock. In 2014 the
company announced a buyback of up to five (5) percent of the
company's outstanding shares, which is nearing completion. This
past April, the Board authorized an additional 500,000 share stock
buyback. The new authorization to buy back 1.3 million shares will
allow the company to acquire a total of 15 percent of the company's
outstanding shares under the three most recent buyback programs.
PCTEL will file a 10b5-1 plan during the current open trading
window that will outline the parameters for this program.
“The stock buyback is consistent with our balanced approach to
capital allocation,” said Marty Singer, PCTEL’s Chairman and CEO.
“It also reflects our continued confidence in PCTEL’s long-term
outlook,” added Singer.
Since 2002, PCTEL has repurchased $73 million of its stock and
paid a one-time dividend of $10.3 million. Between 2011 and June
2015 the company has paid $10.2 million in quarterly dividends. The
company has nearly $41 million in cash and short-term investments
with no debt. The company currently pays a dividend of $.05 per
quarter.
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 portfolio (Map
IQ™, Network IQ™, and Subscriber IQ™).
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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150810006112/en/
PCTEL, Inc.Jack SellerPublic Relations(630)
339-2116jack.seller@pctel.com
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