QUEBEC CITY,
Jan. 8, 2014 /CNW Telbec/ - EXFO Inc.
(NASDAQ: EXFO) (TSX: EXF) announced today that its Board of
Directors has authorized the renewal of its share repurchase
program, by way of a normal course issuer bid ("NCIB") on the open
market, of up to 10% (2,043,101 subordinate voting shares) of the
public float (20,431,011 subordinate voting shares as of
January 1, 2014) as defined by the
Toronto Stock Exchange ("TSX").
EXFO had 28,801,683 subordinate voting shares
outstanding on January 1, 2014. As of
January 1, 2014, EXFO had repurchased
in the course of the previous renewal of its NCIB a total of
502,756 shares, being 308,484 shares on the TSX at an average
amount of CA$ 4.74 and 194,272 shares on the NASDAQ at an
average amount of US$ 4.65. The
previous renewal of the NCIB had been effective since November 12, 2012 and expired on November 11, 2013.
The TSX has accepted a notice filed by EXFO of
its intention to renew its NCIB. EXFO may use cash, short-term
investments and future cash flows from operations to fund the
repurchase of shares. Repurchases under the bid will be made on the
open market, through the facilities of the TSX and NASDAQ Global
Market, at the prevailing market price. The timing of such
repurchases, if any, will depend on price, market conditions and
applicable regulatory requirements.
The NCIB will become effective on January 13, 2014 and end on January 12, 2015 or on an earlier date if EXFO
repurchases the maximum number of shares permitted. The average
daily trading volume (ADTV) of EXFO's subordinate voting shares was
19,305 on the TSX and 34,669 on the NASDAQ over the last six
completed calendar months. Accordingly, EXFO is entitled to
repurchase up to 25% of the ADTV on any trading day (being
4,826 subordinate voting shares on the TSX and 8,667
subordinate voting shares on the NASDAQ) or pursuant to the
applicable rules of the TSX. The program does not require the
company to repurchase a minimum number of shares and it may be
modified, suspended or terminated at any time without prior notice.
All shares acquired by EXFO under the bid will be cancelled.
EXFO believes that the repurchase of some of its
subordinate voting shares is an appropriate and desirable use of
its available cash. Consequently, EXFO believes that the offer is
made in the best interests of the company and its shareholders.
About EXFO
Listed on the NASDAQ and TSX stock exchanges, EXFO is among the
leading providers of next-generation test and service assurance
solutions for wireline and wireless network operators and equipment
manufacturers in the global telecommunications industry. The
company offers innovative solutions for the development,
installation, management and maintenance of converged, IP fixed and
mobile networks—from the core to the edge. Key technologies
supported include 3G, 4G/LTE, IMS, Ethernet, OTN, FTTx, VDSL2,
ADSL2+ and various optical technologies accounting for more than
35% of the portable fiber-optic test market. EXFO has a staff of
approximately 1600 people in 25 countries, supporting more than
2000 customers worldwide. For more information, visit www.EXFO.com
and follow us on the EXFO Blog, Twitter, LinkedIn, Facebook,
Google+ and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, and we intend that such forward-looking statements be subject
to the safe harbors created thereby. Forward-looking statements are
statements other than historical information or statements
of current condition. Words such as may, will, expect,
believe, anticipate, intend, could, estimate, continue,
or the negative or comparable terminology are intended to
identify forward-looking statements. In addition,
any statements that refer to expectations, projections or
other characterizations of future events and circumstances are
considered forward-looking statements. They are not guarantees of
future performance and involve risks and uncertainties. Actual
results may differ materially from those in forward-looking
statements due to various factors including macro-economic
uncertainty as well as capital spending and network deployment
levels in the telecommunications industry (including our ability to
quickly adapt cost structures with anticipated levels of business
and our ability to manage inventory levels with market demand);
future economic, competitive, financial and market conditions;
consolidation in the global telecommunications test and
service assurance industry and increased competition among vendors;
limited visibility with regards to customer orders and the timing
of such orders; fluctuating exchange rates; concentration of sales;
timely release and market acceptance of our new products and other
upcoming products; our ability to successfully integrate our
acquired and to-be-acquired businesses; our ability to successfully
expand international operations; and the retention of key technical
and management personnel. Assumptions relating
to the foregoing involve judgments and risks, all of
which are difficult or impossible to predict and many of which are
beyond our control. Other risk factors that may affect our future
performance and operations are detailed in our Annual
Report, on Form 20-F, and our other filings with the
U.S. Securities and Exchange Commission and the Canadian
securities commissions. We believe that the expectations reflected
in the forward-looking statements are reasonable based on
information currently available to us, but we cannot assure you
that the expectations will prove to have been correct.
Accordingly, you should not place undue reliance on these
forward-looking statements. These statements speak only as of the
date of this document. Unless required
by law or applicable regulations, we undertake no
obligation to revise or update any of them to reflect events
or circumstances that occur after the date
of this document.
SOURCE EXFO inc.