WALTHAM, Mass., Nov. 9, 2015 /PRNewswire/ -- Lionbridge Technologies, Inc. (Nasdaq: LIOX) today announced that its Board of Directors has authorized a share repurchase program allowing the Company to repurchase up to $50 million of the Company's common stock through the end of fiscal year 2018. The new authorization represents an increase of $32 million from the previous $18 million share repurchase program that was announced in November of 2012 and which has now expired.
"This new share repurchase program marks a significant increase from our previous buyback program, underscoring our ongoing confidence in the long-term financial success of Lionbridge and our commitment to increase shareholder value," said Rory Cowan, CEO of Lionbridge. "We will continue to use our capital to fund growth, both organically and by acquisitions. With recurring revenue streams across diverse end markets, increasing demand for our global crowd-in-the-cloud offerings, and our expectations for ongoing profit and cash flow expansion, we believe Lionbridge is well positioned to proceed with both acquisitions and share repurchases while maintaining our leverage at a reasonable level.
Under the program, the Company's common stock may be purchased through a combination of a 10b5-1 automatic trading plan and discretionary purchases on the open market, through block trades or in privately negotiated transactions as permitted under Securities Exchange Act of 1934 Rule 10b-18 . The amount of shares purchased and the timing of the purchases will depend on a number of factors, including trading price, trading volume and general market conditions, as well as on working capital requirements, general business conditions and other factors, including alternative investment opportunities.
About Lionbridge Lionbridge (Nasdaq LIOX) enables more than 800 world-leading brands to increase international market share, speed adoption of products and effectively engage their customers in local markets worldwide. Using our innovative cloud technology platforms and our global crowd of more than 100,000 professional cloud workers, we provide translation, online marketing, global content management and application testing solutions that ensure global brand consistency, local relevancy and technical usability across all touch points of the customer lifecycle. Based in Waltham, Mass., Lionbridge maintains solution centers in 28 countries. To learn more, visit http://www.lionbridge.com.
Forward-Looking Statements Statements made in this press release regarding the Company's share repurchase program, expected customer demand for the Company's technologies, products and services, and future revenue, earnings and cash flow performance 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. In addition, anticipated customer demand for the Company's products and services may change due to changing customer strategies or priorities, competing technologies or services, or other external business or economic conditions. These forward-looking statements reflect management's current views and Lionbridge does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law. Lionbridge's actual experiences, actions, financial and operating results may differ materially from those discussed in the forward-looking statements. For a more detailed description of the risk factors associated with Lionbridge, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and subsequent filings with the SEC (copies of which may be accessed through the SEC's website at http://www.sec.gov
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