SUNNYVALE, Calif., Aug. 31, 2010 (GLOBE NEWSWIRE) -- 8x8, Inc. (Nasdaq:EGHT), provider of innovative business communications solutions, today announced that its Board of Directors has authorized an increase in its share repurchase program from $2 million to $3 million to buyback shares of the Company's stock. The Company will continue to repurchase shares during its regularly scheduled open trading window, which is typically the middle five weeks of each quarter, and will establish a 10b-5 plan that will permit buyback of shares at times other than when the scheduled window is open.
Share repurchases, if any, will be funded with available cash. Repurchases of the Company's common stock may be made through open market purchases at prevailing market prices or in privately negotiated transactions. The timing, volume and nature of share repurchases are subject to market prices and conditions, applicable securities laws and other factors, and are at the discretion of the Company's management. Share repurchases may be commenced, suspended or discontinued at any time.
"With zero debt and a healthy cash reserve that has grown 11 of the past 12 quarters, 8x8 is well positioned to take advantage of the opportunity that currently exists in the market to repurchase the Company's stock," said 8x8 Chairman & CEO Bryan Martin.
During the month of August 2010, 8x8 repurchased 492,970 shares for $698,355 under the existing stock repurchase program. These amounts are in addition to the 380,076 shares the Company repurchased for $331,802 through June 30, 2010. At the close of the June quarter, 8x8 reported $18.1 million in cash and cash equivalents and no debt.
About 8x8, Inc.
8x8, Inc. (Nasdaq:EGHT) leverages its patented software technologies to deliver high quality voice solutions and integrated messaging and video to businesses of any size with employees in any locations on a wide variety of business telephony, web and mobile platforms. 8x8 also offers managed hosting and cloud-based computing services. For additional information, visit www.8x8.com.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. These statements include, without limitation, information about future events based on current expectations, potential product development efforts, near and long-term objectives, potential new business, strategies, organization changes, changing markets, future business performance and outlook. Such statements are predictions only, and actual events or results could differ materially from those made in any forward-looking statements due to a number of risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, customer acceptance and demand for our products and services, the reliability of our services, the prices for our services, customer renewal rates, customer acquisition costs, actions by our competitors, including price reductions for their telephone services, potential federal and state regulatory actions, compliance costs, potential warranty claims and product defects, our needs for and the availability of adequate working capital, our ability to innovate technologically, the timely supply of products by our contract manufacturers, potential future intellectual property infringement claims that could adversely affect our business and operating results, and our ability to retain our listing on the NASDAQ Capital Market. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's reports on Forms 10-K and 10-Q, as well as other reports that 8x8, Inc. files from time to time with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and 8x8, Inc. undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
CONTACT: 8x8, Inc. Joan Citelli (408) 654-0970 jcitelli@8x8.com