PITTSBURGH, Feb. 24, 2014 (GLOBE NEWSWIRE) -- ANSYS, Inc. (Nasdaq:ANSS) today announced that its Board of Directors has replenished its authorized share repurchase program to a total of 3 million shares. This program will allow ANSYS to continue to offset dilution and reduce shares outstanding.
"The replenishing of our stock repurchase authorization demonstrates our continued confidence in ANSYS' long-term strategy to generate profitable growth and strong cash flows, as well as our commitment to share repurchases as an important element of our capital allocation. Our first priority is to continue to invest in the business to capitalize on growth opportunities in existing and potential future markets around the world. At the same time, ANSYS' solid financial performance, and the strength of our balance sheet, gives us both the confidence and the flexibility to opportunistically execute this share repurchase program," said Jim Cashman, president and chief executive officer.
The repurchase program does not have an expiration date. Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices. The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including, among others, cash requirements for acquisitions, general market and business conditions, the trading price of the stock and applicable legal and regulatory requirements. The Company has no obligation to repurchase any shares under the authorization, and the repurchase program may be suspended or modified at any time for any reason.
In FY 2013, ANSYS repurchased 1.5 million shares of its common stock at an average price of $77.73. In FY 2012, ANSYS repurchased 1.5 million shares of its common stock at an average price of $63.65.
About ANSYS, Inc.
ANSYS brings clarity and insight to customers' most complex design challenges through fast, accurate and reliable engineering simulation. Our technology enables organizations ― no matter their industry ― to predict with confidence that their products will thrive in the real world. Customers trust our software to help ensure product integrity and drive business success through innovation. Founded in 1970, ANSYS employs approximately 2,600 professionals, many of them experts in engineering fields such as finite element analysis, computational fluid dynamics, electronics and electromagnetics, and design optimization. Headquartered south of Pittsburgh, Pennsylvania, U.S.A., ANSYS has more than 75 strategic sales locations throughout the world with a network of channel partners in 40+ countries. Visit www.ansys.com for more information. Visit www.ansys.com for more information. ANSYS also has a strong presence on the major social channels. To join the simulation conversation, please visit: www.ansys.com/Social@ANSYS