SANTA CLARA, Calif., April 29 /PRNewswire-FirstCall/ -- Align Technology, Inc. (Nasdaq: ALGN) today announced that its board of directors has authorized a stock repurchase program of up to $50 million, effective immediately.
"We are confident in our ability to generate cash in excess of our needs to grow the business," said Ken Arola, vice president and chief financial officer of Align Technology. "Returning this excess cash to our shareholders through a repurchase program will contribute to our goal of enhancing shareholder value. It will also have the effect of offsetting dilution from our employee equity plans."
Any purchases under Align's stock repurchase program may be made, from time-to-time, in the open market, through block trades or otherwise. The program does not obligate Align to acquire any particular amount of common stock and depending on market conditions and other factors, these purchases may be commenced or suspended at any time, or from time-to-time without prior notice. As of April 25, Align had approximately 69.6 million shares outstanding.
In a separate announcement today, Align also announced financial results for its first fiscal quarter of 2008. For more information, please see Align's press release titled, "Align Technology Announces First Quarter Fiscal 2008 Results."
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a
proprietary method for treating malocclusion, or the misalignment of teeth.
Invisalign corrects malocclusion using a series of clear, nearly invisible,
removable appliances that gently move teeth to a desired final position.
Because it does not rely on the use of metal or ceramic brackets and wires,
|SOURCE Align Technology, Inc.|
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