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DALLAS, Nov 09, 2011 (BUSINESS WIRE) -- Zix Corporation (ZixCorp), (Nasdaq: ZIXI), the leader in email encryption services, announced that its board of directors approved today a share repurchase program that enables the company to purchase up to $15 million of its shares of common stock from time to time in the open market. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. The share purchases will be funded from cash from operations and may be suspended or discontinued at any time. The share repurchase program is scheduled to expire on June 30, 2012.
This is the second share repurchase program announced by ZixCorp in 2011. The company implemented a share repurchase program in March 2011. It completed that program in July 2011, after repurchasing approximately 4.29 million shares.
"The board's decision to initiate an additional share repurchase program reflects our confidence in ZixCorp's predictable cash generation," said Rick Spurr, ZixCorp's Chairman and Chief Executive Officer. "ZixCorp remains committed to creating long-term value for its shareholders, and we're pleased that our strong balance sheet allows us to demonstrate our confidence in ZixCorp's prospects through share repurchase programs such as this one."
About Zix Corporation
Zix Corporation (ZixCorp) provides the only email encryption services designed with your most important relationships in mind. Many of the most influential companies and government organizations use the proven ZixCorp(R) Email Encryption Services, including WellPoint, Humana, the SEC, and more than 1,200 hospitals and 1,600 financial institutions. ZixCorp Email Encryption Services are powered by ZixDirectorySM, the largest email encryption community in the world. The tens of millions of ZixDirectory members can feel secure knowing their most important relationships are protected. For more information, visit http://www.zixcorp.com.
Statements in this release that are not purely historical facts or that necessarily depend upon future events, including statements regarding ZixCorp's plan to repurchase a portion of its common shares in the open market, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to ZixCorp on the date this release was issued. ZixCorp undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to ZixCorp's overall financial and cash generation performance, potential other uses for ZixCorp's cash, potential limitations on repurchases, conditions in the market for ZixCorp's stock and other corporate developments. Further information regarding factors that could affect ZixCorp's ability to successfully execute its plan to repurchase a portion of its shares of common stock can be found in the risk factors section of ZixCorp's most recent filing on Form 10-K with the Securities and Exchange Commission.
SOURCE: Zix Corporation