MIDDLETOWN, R.I., July 30 -- KVH Industries, Inc.,
(Nasdaq: KVHI) announced today that its Board of Directors has authorized a
share repurchase program of up to 1 million shares, or approximately 6.7% of
the company's outstanding common stock.
"This decision is a reflection of our confidence in the company's strategy
and our ability to exploit the many opportunities that lie ahead," said Martin
Kits van Heyningen, KVH's president and chief executive officer. "Our strong
balance sheet position and ongoing commitment to the creation of long-term
shareholder value prompted us to initiate this share repurchase program. At
the same time, we will maintain the financial resources necessary to invest in
the strategic growth initiatives that are critical to our continued success."
Under the program, the company, at management's discretion, may repurchase
shares on the open market from time to time, in privately negotiated
transactions or block transactions, or through an accelerated repurchase
agreement. The timing of such repurchases will depend on availability of
shares, price, market conditions, alternative uses of capital, and applicable
regulatory requirements. The program may be modified, suspended or terminated
at any time without prior notice.
About KVH Industries, Inc.
KVH Industries, Inc., is a premier manufacturer of systems to provide
access to live mobile media ranging from satellite TV to telephone and high-
speed Internet for vehicles and vessels as well as a leading source of
navigation, pointing, and guidance solutions for maritime, defense, and
commercial applications. The company's products are based on its proprietary
mobile satellite antenna and fiber optic technologies. An ISO 9001-certified
company, KVH is based in Middletown, Rhode Island.
This document contains "forward-looking statements" -- that is, statements
related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial
performance, and often contain words such as "expect," "anticipate," "intend,"
"plan," believe," "seek," or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain. For us,
particular uncertainties that could adversely or positively affect our future
results include: the functionality, characteristics, quality and performance
of KVH's products and technology; anticipated innovation and product
development; and customer preferences, requirements and expectations. These
uncertainties may cause our actual future results to be materially different
than those expressed in our forward-looking statements. Factors that may cause
such differences include, among others, those discussed in KVH's most recent
Form 10-Q filed with the SEC. KVH does not assume any obligation to update its
forward-looking statements to reflect new information or developments.