SOURCE: Polycom

May 07, 2008 08:30 ET

Polycom Announces New Share Repurchase Program for up to $300 Million

PLEASANTON, CA--(Marketwire - May 7, 2008) - Polycom, Inc. (NASDAQ: PLCM), the world's leading provider of unified collaborative communications solutions, today announced that its board of directors has authorized up to $300 million for use in the Company's stock repurchase program. This amount is in addition to approximately $80 million remaining at the end of March 2008 from a prior authorization.

The number of shares to be purchased and the timing of purchases will be based on the level of Polycom's cash balances, general business and market conditions, the dilutive effects of share-based incentive plans, and other factors, including alternative investment opportunities and working capital needs.

"With our new and incremental $300M share repurchase program announced today, we reaffirm our confidence in the long term value of the company and our continued focus on enhancing shareholder value," said Robert Hagerty, chairman and CEO.

About Polycom

Polycom, Inc. is the worldwide leader in unified collaborative communications (UCC) that maximize the efficiency and productivity of people and organizations. Polycom delivers the broadest array of high definition telepresence video, wired and wireless voice, and content solutions so people can enjoy the best communications, whether from a real-time collaborative interaction or on-demand streamed video experience. Spanning from the desktop to the industry's only immersive telepresence suite, Polycom's high quality collaboration and communications solutions are easy to deploy and manage, as well as intuitive to use. Based on open standards, they integrate seamlessly with leading telephony and presence-based networks. With innovative market-driving technologies, a compelling vision for next generation visual communications, best-in-class products, alliance partnerships, and world-class service, Polycom is the smart choice for organizations to gain a competitive advantage with proven and trusted communication solutions. For additional information, call 800-POLYCOM or visit the Polycom web site at www.polycom.com.

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 regarding future events and the future performance of the Company, including statements regarding the Company's long term value and future repurchases of the Company's common stock. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially or that may cause us not to make share repurchases as currently anticipated, including alternative uses for cash, future competing investment opportunities, general economic, business and market conditions, and other risks and uncertainties that may adversely impact our business. Many of these risks and uncertainties are discussed in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, and in other reports filed by Polycom with the Securities and Exchange Commission. Polycom disclaims any intent or obligation to update these forward-looking statements.

Polycom and the Polycom logo are registered trademarks of Polycom in the U.S. and various countries. ©2008, Polycom, Inc. All rights reserved.

Contact Information

  • Contact:
    Michael R. Kourey
    CFO
    Polycom, Inc.
    925-924-5742
    Email Contact