Cambium Learning Group Announces Termination of Rule 10b5-1 Plan
DALLAS, March 20, 2013 /PRNewswire/ -- Cambium Learning Group, Inc. (Nasdaq: ABCD, the "Company"), the leading educational company focused primarily on serving the needs of at-risk and special student populations, announced that its board of directors has terminated its Rule 10b5-1 plan (the "Plan") with Robert W. Baird & Company, Inc. under which the Company may repurchase its shares at times when the Company might otherwise be precluded from doing so under insider trading laws. The Plan had been established in June 2012 pursuant to, and as part of, the Company's $5 million share repurchase program approved by its board of directors in May 2012. The Company will continue its overall share repurchase program, which has been extended for an additional year to enable the Company to purchase shares of its common stock through July 5, 2014. The Company's board of directors has also approved an increase of the funds available to the share repurchases to an amount equal to $5 million.
"The Board continues to believe in the value of the Company and holds strong to its commitment to creating long-term value for our shareholders, said Joe Walsh, Chairman of Cambium Learning Group. The Board has determined that a replenishment of cash available for the repurchase program is well invested in the Company's common stock at current market prices, and we are pleased that the continued strength of our balance sheet allows us to extend the program."
The Company expects to continue to purchase the shares of common stock from time to time in private transactions, in accordance with applicable insider trading and other securities laws and regulations, at negotiated prices.
About Cambium Learning Group, Inc.
Cambium Learning® Group (Nasdaq: ABCD) is the leading educational company focused primarily on serving the needs of at-risk and special student populations. The company is comprised of three business units: Voyager Learning provides comprehensive print and online intervention solutions, professional development, and school turnaround offerings and includes Lincoln National Academy, Class.com, and Voyager Education Services; Sopris Learning is known for supplemental solutions, including assessment, supplemental intervention, positive behavior supports and professional development; and Cambium Learning Technologies develops instructional and assistive technology and represents IntelliTools®, Kurzweil Educational Systems®, Learning A–Z, and ExploreLearning. Cambium Learning Group is committed to providing evidence-based support and expert professional services to empower educators and raise the achievement levels of all students. Learn more at www.cambiumlearning.com.
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Forward Looking Statements
Some of the statements contained herein constitute forward-looking statements. These statements relate to future events, including the future financial performance of Cambium Learning Group, Inc. and potential share repurchases by the Company, and involve known and unknown risks, uncertainties and other factors that may cause the anticipated results, levels of activity, performance or achievements of Cambium Learning Group, Inc. to be materially different from any actual future results, levels of activity, performance or achievements. These risks and other factors you should consider include, but are not limited to, the ability to successfully attract and retain a broad customer base for current and future products, changes in customer demands or industry standards, success of ongoing product development, maintaining acceptable margins, the ability to control costs, K-12 enrollment and demographic trends, the level of educational and education technology funding, the impact of federal, state and local regulatory requirements on the business of the company, the loss of key personnel, the impact of competition, the uncertainty of general economic conditions and financial market performance, and those other risks and uncertainties listed under the heading "RISK FACTORS" in Cambium Learning Group, Inc.'s Form 10-K. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," "projects," "intends," "prospects," or "priorities," or the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Cambium Learning Group, Inc. does not assume or undertake any obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
SOURCE Cambium Learning Group, Inc.