NORWOOD, Mass., Sept. 3, 2015 (GLOBE NEWSWIRE) -- Xcerra Corporation (NASDAQ:XCRA) today announced that its Board of Directors has authorized the repurchase of up to $30 million of the Company's common stock from time to time on the open market or in privately negotiated transactions pursuant to a newly authorized stock repurchase plan (the "2015 Repurchase Plan"). The 2015 Repurchase Plan replaces and supersedes in its entirety the stock repurchase plan approved by the Board of Directors in September 2011, which had approximately $6 million remaining in the plan.
The timing and amount of any shares repurchased under the 2015 Repurchase Plan 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 the Company might otherwise be precluded from doing so under insider trading laws. The 2015 Repurchase Plan may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The 2015 Repurchase Plan will be funded using the company's working capital. Xcerra Corporation had approximately 55 million shares of common stock outstanding as of July 31, 2015.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the company's intention to repurchase shares of its common stock from time to time under the 2015 Repurchase Plan, the intended use of any repurchased shares and the source of funding are forward-looking statements. 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 in the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC.
Xcerra Corporation is comprised of four businesses in the semiconductor and electronics manufacturing test markets: atg-Luther & Maelzer, Everett Charles Technologies, LTX-Credence and Multitest. The combination of these businesses creates a company with a broad spectrum of semiconductor and PCB test expertise that drives innovative new products and services, and the ability to deliver to customers fully integrated semiconductor test cell solutions. The Company addresses the broad, divergent requirements of the mobility, industrial, automotive and consumer end markets, offering a comprehensive portfolio of solutions and technologies, and a global network of strategically deployed applications and support resources. Additional information can be found at www.xcerra.com or at each product group's website; www.atg-lm.com, www.ectinfo.com, www.ltxc.com and www.multitest.com
Xcerra is a trademark of Xcerra Corporation.
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CONTACT: Investor Contact: Richard Yerganian, Vice President, Investor Relations Xcerra Corporation Tel. 781.467.5063 Email email@example.com