SAN DIEGO, April 10, 2019 /PRNewswire/ -- Turtle Beach
(Nasdaq: HEAR), the global leader in gaming headsets and audio
accessories, today announced its board of directors has approved a
share repurchase program allowing the company to purchase up to
$15 million of its common shares at
its discretion from time to time in the open market, or in block
purchase transactions over the next two years.
The amount and timing of specific repurchases are subject to
market conditions, applicable legal requirements and other factors.
Turtle Beach intends to fund the share repurchases using cash from
operations or short-term borrowings and may suspend or discontinue
repurchases at any time. Any shares acquired will be available for
general corporate purposes. The share repurchase program is
scheduled to expire April 9, 2021,
but may also be expanded, extended, or terminated based on market
conditions, applicable legal requirements and other factors.
"We are confident in the strength and future of Turtle Beach,"
said Juergen Stark, CEO of Turtle
Beach. "This repurchase program, our acquisition of ROCCAT, and the
continued expansion of our gaming audio products demonstrate our
balanced strategic approach and our commitment to investing in
profitable growth. We look forward to delivering value to our
shareholders through continued execution of our strategic growth
pillars and effective use of our capital."
Stark continued, "We expect to generate free cash flow of over
$23 million in 2019, or over
$1.40 per share. While our top
priority is funding our core business and future growth drivers,
such as our recent acquisition of ROCCAT, we believe our stock
represents one of the most attractive investment opportunities in
the gaming space, and we will take advantage of the opportunity to
invest in our company as appropriate."
About Turtle Beach Corporation
Turtle Beach
(www.turtlebeach.com) is a leading gaming accessory brand, offering
a wide selection of cutting-edge, award-winning gaming headsets.
Whether you're a professional esports athlete, hardcore gamer,
casual player, or just starting out, Turtle Beach has the gaming
headset to help you truly master your skills. Innovative and
advanced technology, amazing high-quality gaming audio,
crystal-clear communication, lightweight and comfortable designs,
and ease-of-use are just a few features that make Turtle Beach a
fan-favorite brand for gamers the world over. Designed for Xbox,
PlayStation®, and Nintendo consoles as well as for PC,
Mac®, and mobile/tablet devices, owning a Turtle Beach
gaming headset gives you the competitive advantage. Hear
Everything. Defeat Everyone.™ The Company's shares are traded on
the Nasdaq Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and
statements within the meaning of the federal securities laws.
Except for historical information contained in this release,
statements in this release may constitute forward-looking
statements regarding assumptions, projections, expectations,
targets, intentions or beliefs about future events. Statements
containing the words "may", "could", "would", "should", "believe",
"expect", "anticipate", "plan", "estimate", "target", "project",
"intend" and similar expressions, or the negatives thereof,
constitute forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties, which could
cause actual results to differ materially from those contained in
any forward-looking statement. Forward-looking statements are based
on management's current belief and expectations, as well as
assumptions made by, and information currently available to,
management.
While the Company believes that its expectations are based upon
reasonable assumptions, there can be no assurances that its goals
and strategy will be realized. Numerous factors, including risks
and uncertainties, may affect actual results and may cause results
to differ materially from those expressed in forward-looking
statements made by the Company or on its behalf. Some of these
factors include, but are not limited to, risks related to the
Company's liquidity, the substantial uncertainties inherent in the
acceptance of existing and future products, the difficulty of
commercializing and protecting new technology, the impact of
competitive products and pricing, general business and economic
conditions, risks associated with the expansion of our business
including the implementation of any businesses we acquire and the
integration of such businesses within our internal control over
financial reporting and operations, our indebtedness, changes in
the fair value of our outstanding warrants and other factors
discussed in our public filings, including the risk factors
included in the Company's most recent Quarterly Report
on Forms 10-Q and 10-K and the Company's other periodic
reports. Except as required by applicable law, including the
securities laws of the United
States and the rules and regulations of the Securities and
Exchange Commission, the Company is under no obligation to publicly
update or revise any forward-looking statement after the date of
this release whether as a result of new information, future
developments or otherwise.
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SOURCE Turtle Beach Corporation