Business Objects Announces the Implementation of Its Share Repurchase Program.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. & SAN JOSE, Calif. -- Business Objects (Nasdaq:BOBJ BOBJ Business Objects SA ) (Euronext Paris ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. code FR0004026250 - BOB), the world's leading provider of business intelligence solutions, today announced that its board of directors has authorized the Company to repurchase up to 2 million of its own shares for a total amount of up to $100 million ([euro]75 million) under the share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program authorized by its shareholders at the Company's Shareholders Meeting on June 7, 2006. Business Objects will make repurchases of its American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. , which are traded on the Nasdaq Global Select Market, pursuant to Rule 10b-18 of the Securities Act of 1933, as amended, and/or repurchases of its ordinary shares listed on the Eurolist by Euronext(TM) in accordance with French law and the regulation of the Autorite des Marches Financiers ("AMF AMF ACE (Allied Command, Europe) Mobile Force AMF Autorité des Marchés Financiers (French) AMF Action Message Format AMF Arab Monetary Fund AMF Asian Monetary Fund AMF Autocrine Motility Factor "). The share repurchase program will terminate on the earlier of the date on which Business Objects has fulfilled the objectives of the program or on December 7, 2007. The share repurchase program is described in the annual report in form of Document de Reference registered with the AMF on April 24, 2006 under the number R.06-0038. Under the Board authorization, the Company is allowed to repurchase its own shares up to a maximum price of $50 per American Depositary Receipt American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADR ADR - Astra Digital Radio ), or [euro]38 per ordinary share. As of March 31, 2007, Business Objects had approximately 98 million shares issued, and its balance of cash and cash equivalents was approximately $631 million. Pursuant to the shareholders and Board authorizations, share repurchases may be made, as soon as practicable, in the open market, through block trades or otherwise. Depending on market conditions, other factors and legal restrictions, these repurchases may be commenced or suspended at any time, or from time to time, without prior notice. This press release is not a solicitation to repurchase the shares of Business Objects. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties concerning Business Objects, including Business Objects' intent to repurchase shares, the proposed uses for the repurchased shares and the manner by which the repurchases may be made. These forward looking statements are based on the Business Objects' current expectations, and are subject to risks and uncertainties which could cause the actual results to differ materially from those anticipated. The risks and uncertainties include, but are not limited to, unexpected changes in Business Objects' need for cash and general economic, business and market conditions. More information about potential factors that could affect Business Objects' business and financial results is included in Business Objects' Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2006 and other SEC filings, including (without limitation) under the captions, "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations," which are on file with the SEC and available at the SEC's website at www.sec.gov. Business Objects is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to undertake any obligation to update these forward-looking statements to reflect events or circumstances after the date of this document. About Business Objects Business Objects is the world's leading business intelligence software company, with more than 43,000 customers worldwide, including over 80 percent of the Fortune 500. Business Objects helps organizations of all sizes create a trusted foundation for decision making, gain better insight into their business, and optimize performance. The company's innovative business intelligence suite, BusinessObjects[TM] XI, offers the BI industry's most advanced and complete solution for performance management, planning, reporting, query and analysis, and enterprise information management. BusinessObjects XI includes the award-winning Crystal line of reporting and data visualization software. Business Objects has also built the industry's strongest and most diverse partner community, and offers consulting and education services to help customers effectively deploy their business intelligence projects. Business Objects has dual headquarters in San Jose, Calif., and Paris, France. The company's stock is traded on both the Nasdaq (BOBJ) and Euronext Paris (ISIN: FR0004026250 - BOB) stock exchanges. More information about Business Objects can be found at www.businessobjects.com. Business Objects and the Business Objects logo, BusinessObjects, WebIntelligence, Crystal Reports, Intelligent Question, Xcelsius, and Desktop Intelligence are trademarks or registered trademarks of Business Objects S.A. or its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. in the United States and/or other countries. All other names mentioned herein may be trademarks of their respective owners. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion