Corporate Executive Board (NYSE: EXBD), the company that helps senior management at other companies improve performance, announced a stock repurchase program of $50 Million.
The new program was authorized by Corporate Executive Board, Board of Directors with a time frame lasting through Dec 31, 2012. The company also noted that in the third quarter of 2011, it employed what was left from its previous stock repurchase program, which amounted to approximately $18.3 Million at the end of June 30, 2011.
"The Board's decision to implement a new share repurchase program reflects confidence in our growth opportunities and in our ability to generate strong cash flows," said Thomas Monahan, Chairman and Chief Executive Officer. "Our priorities for capital allocation remain unchanged: maintain a strong financial position, preserve flexibility for strategic investments, and intelligently distribute cash to shareholders - primarily through our dividend. This new share repurchase program supplements this strategy by allowing us to opportunistically offset historical and future dilution from employee equity compensation programs."
The new program at Corporate Executive Board's management discretion, is available under the open market or privately negotiated transactions. It will be funded by Corporate Executive Board's cash on hand and from operations.