ARRIS Announces New Share Repurchase Program Authorization
SUWANEE, Ga., Nov. 1, 2012 /PRNewswire/ -- ARRIS Group, Inc. (Nasdaq: ARRS), a global technology leader in the development of advanced cable telephony, next generation high-speed data, demand driven video solutions, operations software and broadband access equipment, today announced that its Board of Directors has authorized an additional $150 million in share repurchases of the Company's common stock. The Company currently has $19.6 million available under its prior authorization for share repurchase. Since 2008, the Company has repurchased 34.2 million shares at an aggregate cost of $306.3 million.
"As a result of our fundamental belief in the long-term success of the Company, as well as our continued commitment to enhance shareholder value, we concluded that authorizing a new program is in the best interest of our shareholders," said Bob Stanzione, ARRIS Chairman and CEO.
Statements made in this press release regarding the Company's share repurchase program and future outlook are forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among other things, sufficient shares may not be available at appropriate prices, alternative uses may develop for the Company's funds, and market and other conditions may change. These factors are not intended to be an all- encompassing list of applicable risks and uncertainties. Additional information regarding these and other factors can be found in ARRIS reports filed with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2011 and its Form 10-Q for the quarter ended June 30, 2012. In providing forward-looking statements, the Company expressly disclaims any obligation to update publicly or otherwise these statements, whether as a result of new information, future events or otherwise.
ARRIS is a global communications technology company specializing in the design, engineering and supply of communications and IP technologies that support broadband services for residential and business customers around the world. The company supplies broadband operators with the tools and platforms they need to deliver and monitor advanced video, data and voice subscriber services, including whole home video across multiple screens, ultra high-speed data, personalized advertising and carrier-grade telephony. Headquartered near Atlanta, in Suwanee, Georgia, USA, ARRIS has R&D centers in Beaverton, OR; Chicago, IL; Cork, Ireland; Kirkland, WA; Redwood City, CA; Shenzhen, China; State College, PA; Tel Aviv, Israel; Wallingford, CT and Westborough, MA, and operates support and sales offices throughout the world. Information about ARRIS products and services can be found at www.arrisi.com.
SOURCE ARRIS Group, Inc.