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PC Connection, Inc. Announces New Share Repurchase Program
|By Business Wire
|February 14, 2014 04:45 PM EST
PC Connection, Inc. (NASDAQ: PCCC), a national provider of a full
range of information technology (IT) solutions to business, government,
healthcare, and education markets, today announced that its board of
directors approved a new share repurchase program authorizing up to $15
million in share repurchases. There is no fixed termination date for
this new repurchase program. Purchases may be made in open-market
transactions, block transactions on or off an exchange, or in privately
PC Connection’s board had previously authorized a share repurchase
program under which the remaining authorized amount is approximately
$2.8 million. The Company intends to complete this repurchase program
before repurchasing shares under the new program.
The timing and amount of any shares repurchased will be determined by
the company's management based on its evaluation of market conditions
and other factors. Repurchases may also be made under a Rule 10b5-1
plan, which would permit shares to be repurchased when PC Connection
might otherwise be precluded from doing so under insider trading laws.
The repurchase programs may be suspended or discontinued at any time.
Any repurchased shares will be available for use in connection with PC
Connection’s stock plans and for other corporate purposes.
Payment for shares repurchased under the programs will be funded using
the company's working capital.
About PC Connection, Inc.
PC Connection, Inc., a Fortune 1000 company, has three wholly owned
sales subsidiaries: PC Connection Sales Corporation, MoreDirect, Inc.,
and GovConnection, Inc., headquartered in Merrimack, NH; Boca Raton, FL;
and Rockville, MD; respectively. All three companies can deliver
custom-configured computer systems overnight from our ISO 9001:2008
certified technical configuration lab at our distribution center in
Wilmington, OH. Investors and media can find more information about PC
Connection, Inc. at http://ir.pcconnection.com.
PC Connection Sales Corporation (800-800-5555), the original business of
PC Connection, Inc. serving primarily the small- and medium-sized
business sector, is a rapid-response provider of IT products and
services. It offers more than 300,000 brand-name products through its
staff of technically trained sales account managers and telesales
specialists, catalogs, publications, and its website at www.pcconnection.com.
This company also serves consumer and small office users and is, under
its MacConnection brand (800-800-2222), one of Apple’s largest
authorized online resellers at www.macconnection.com.
MoreDirect, Inc. (561-237-3300), www.moredirect.com,
provides corporate technology buyers with best-in-class IT solutions,
in-depth IT supply-chain expertise, and access to over 300,000 products
and 1,600 vendors through TRAXX™, our proprietary cloud-based
eProcurement system. Backed by over 500 technical certifications,
MoreDirect’s team of engineers, software licensing specialists, and
project managers help reduce the cost and complexity of buying hardware,
software, and services throughout the entire IT lifecycle.
GovConnection, Inc. (800-800-0019) is a rapid-response provider of IT
products and services to federal, state, and local government agencies
and educational institutions through specialized account managers,
catalogs, publications, and online at www.govconnection.com.
“Safe Harbor” Statement Under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding the company's
intention to repurchase shares of its common stock from time to time
under the stock repurchase program, the intended use of any repurchased
shares, and the source of funding are forward-looking statements that
are subject to risks and uncertainties. There are a number of important
factors that could cause actual events to differ materially from those
suggested or indicated by such forward-looking statements. These
include, among others, the market price of the company's stock
prevailing from time to time, the nature of other investment
opportunities presented to the company from time to time, the company's
cash flows from operations, general economic conditions, and other
factors identified under the caption “Risk Factors” in the Company’s
Annual Report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 2012, and in our other
filings with the Securities and Exchange Commission. The Company assumes
no obligation to update the information in this press release or revise
any forward-looking statements, whether as a result of any new
information, future events, or otherwise.
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