|Tuesday, February 2, 1999||< Prev||Next >|
SEATTLE, Feb. 2 /PRNewswire/ — Visio Corporation (Nasdaq: VSIO) today announced that its board of directors has authorized the repurchase of up to two million shares of its common stock over the next two years. Purchases will be made from time to time either in the open market or in privately negotiated transactions. The board has taken this action in consideration of Visio's strong financial position and cash flow.
"Investment in Visio shares at current levels reflects our confidence in the company's future growth, and represents an excellent opportunity to deliver increased value to our shareholders," said Jeremy Jaech, president and CEO of Visio Corporation. "Visio's management and board of directors are committed to utilizing such opportunities to enhance shareholder value."
The primary purpose of the stock repurchase program is to help offset dilution to earnings per share that is caused by the issuance of stock under the company's employee stock option plans. The number of shares to be purchased and the timing of such purchases will be determined by the level of stock issued under the employee stock plans, the price of Visio's stock, available cash balances, general market conditions, and other factors. All purchases will be funded from available working capital. The plan may be suspended at any time.
Visio Corp. is the leading supplier of enterprise-wide business diagramming and technical drawing software, with an installed base of nearly 2.8 million users worldwide. Founded in September 1990, the Seattle-based company pioneered the drawing and diagramming software market with the release of Visio 1.0 in November 1992 and has since released additional Windows-based graphics applications that offer users a unique and effective way to communicate and work. Visio's powerful product line is becoming a worldwide standard for graphical solutions in business, with the support of partner programs and third-party relationships in key market segments. Visio products are available in as many as 12 language versions and are sold in more than 45 countries.
This press release (including the quoted language above and the reference to Visio becoming a worldwide standard) contains forward-looking statements. There are certain important factors that could cause actual results to differ materially from those anticipated by some of the statements made above. Among these are fluctuations in quarterly performance, dependence on other products including Microsoft Windows, competition in the business drawing and diagramming software market, timing and customer acceptance of new products, the company's ability to manage growth and integrate acquired technology, potential changes in licensing and marketing methods, and changes in general economic conditions. Additional information concerning these and other risks is described in the section entitled "Certain Risk Factors That May Impact Future Results of Operations" contained in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 1998, and, from time to time, in other reports filed by the company with the Securities and Exchange Commission.
Additional information about Visio Corporation is available on the Internet at http://www.visio.com.
NOTE: Visio is a registered trademark of Visio Corporation in the United States and/or other countries. All other trademarks, trade names or company names referenced herein are used for identification only and are the property of their respective owners.