MIDDLETOWN – KVH Industries Inc. announced today that its board of directors has authorized a share repurchase program of up to 1 million shares. According to a statement from the company, that figure represents 6.7 percent of the company’s outstanding common stock.
According to the statement from the mobile media manufacturer, the decision is a reflection of KVH’s confidence in its strategy and ability to take advantage of upcoming opportunities.
“Our strong balance sheet position and ongoing commitment to the creation of long-term shareholder value prompted us to initiate this share repurchase program,” said Martin Kits van Heyningen, KVH president and CEO. “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 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, according to the statement.
