Ciena Announces $300 Million Share Repurchase Authorization
December 07 2017 - 7:01AM
Business Wire
Ciena® (NYSE: CIEN), a network strategy and technology company,
today announced that its Board of Directors has authorized a
program to repurchase up to $300 million of the company’s common
stock through the end of fiscal 2020.
“Our share repurchase program reflects the strength of our
balance sheet, the stability of our business today and the
confidence we have in our future. It also demonstrates our intent
to incorporate the return of capital to shareholders in our
strategic and operating plans as the business continues to grow and
generate cash,” said Ciena’s Chief Financial Officer James E.
Moylan, Jr.
Ciena may purchase shares at management’s discretion in the open
market, in privately negotiated transactions, in transactions
structured through investment banking institutions, or a
combination of the foregoing. The Company may also, from time to
time, enter into Rule 10b5-1 plans to facilitate repurchases of its
shares under this authorization. The amount and timing of
repurchases are subject to a variety of factors including
liquidity, cash flow, stock price, and general business and market
conditions. The program may be modified, suspended or discontinued
at any time.
The share repurchase program will be funded with cash on hand or
cash generated from operations.
About Ciena
Ciena (NYSE: CIEN) is a network strategy and technology company.
We translate best-in-class technology into value through a
high-touch, consultative business model – with a relentless drive
to create exceptional experiences measured by outcomes. For updates
on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena
Insights blog, or visit www.ciena.com.
Note to Ciena Investors
You are encouraged to review the Investors section of our
website, where we routinely post press releases, SEC filings,
recent news, financial results, and other announcements. From time
to time we exclusively post material information to this website
along with other disclosure channels that we use. This press
release contains certain forward-looking statements that are based
on our current expectations, forecasts, information and
assumptions. These statements involve inherent risks and
uncertainties. Actual results or outcomes may differ materially
from those stated or implied, because of risks and uncertainties,
including those detailed in our most recent annual or quarterly
report filed with the SEC. Forward-looking statements include
statements regarding our expectations, beliefs, intentions or
strategies and can be identified by words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may,"
"should," "will," and "would" or similar words. Ciena assumes no
obligation to update the information included in this press
release, whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171207005529/en/
Ciena CorporationPress Contact:Nicole Anderson,
877-857-7377pr@ciena.comorInvestor Contact:Gregg Lampf,
877-243-6273ir@ciena.com
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