LOS ANGELES, March 29, 2016 (GLOBE NEWSWIRE) -- Global Eagle Entertainment Inc. (Nasdaq:ENT) (“GEE”), a worldwide provider of aircraft connectivity systems, operations solutions and media content to the travel industry, today announced that its Board of Directors has authorized a stock repurchase program, under which GEE may repurchase up to $50 million of its outstanding shares of common stock, equivalent to approximately 8% of its 79 million diluted shares outstanding, based on the closing price of GEE’s common stock on March 28, 2016.
“Our Board of Directors and senior management strongly believe that GEE’s continued strong financial performance, growth prospects and long-term strategy are not reflected by the company’s current stock price,” said Dave Davis, CEO of GEE. “The stock repurchase program that was announced today demonstrates our confidence in the strength of our business and reinforces our ongoing commitment to improving shareholder returns.”
Under the stock repurchase program, GEE may repurchase shares from time to time using a variety of methods, which may include open-market purchases and privately negotiated transactions.
The extent to which GEE repurchases its shares, and the timing and manner of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by GEE’s management team. GEE regularly reviews potential growth opportunities both within its existing business and through acquisitions and all potential buybacks will be measured against other potential uses of capital that meet our investment criteria and which may arise from time to time. The repurchase program does not obligate GEE to repurchase any specific number of shares, and may be suspended or discontinued at any time. GEE expects to finance the purchases with existing cash balances.
About Global Eagle Entertainment (GEE)
Global Eagle Entertainment Inc. (Nasdaq:ENT) is a worldwide provider of aircraft connectivity systems, operations solutions and media content to the travel industry. Through the industry’s most comprehensive product and services platform, Global Eagle Entertainment provides airlines with a wide range of in-flight solutions. These include Wi-Fi, movies, television, music, interactive software, as well as portable IFE solutions, content management services, e-commerce solutions and original content development. Serving more than 200 airlines worldwide, Global Eagle Entertainment delivers exceptional quality and value to its customers to help them achieve their passenger experience objectives. The company’s headquarters are located in Los Angeles, California, with offices and teams located in North America, Asia, the Middle East, Europe, Africa, Oceania and South America. Find out more at: www.geemedia.com.
We make forward-looking statements in this press release. These forward-looking statements relate to expectations or forecasts for future events, including without limitation, potential repurchases of our common stock and other uses of capital such as potential acquisitions. These statements may be preceded by, followed by or include the words "may," "might," "will," "will likely result," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or similar expressions. These forward-looking statements are based on information available to us as of the date they were made, and should not be relied upon as representing our views as of any subsequent date. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation those risks and uncertainties described in our most recent annual report on Form 10-K, and subsequently filed reports on Form 10-Q. As a result, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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Source:Global Eagle Entertainment Inc.