SonoSite, Inc. (NASDAQ:SONO), the world leader and specialist in bedside and point-of-care ultrasound, today announced a stock repurchase program under which the company may purchase up to $50 million of its common stock over the next twelve months. Since February 2010, SonoSite has repurchased a total of approximately 3 million shares of its common stock through a modified "Dutch Auction" tender offer at a total cost of $88.8 million.
SonoSite may repurchase its common stock from time to time, in amounts, at prices and at such times as it deems appropriate, all subject to market conditions and other considerations. SonoSite may make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. The repurchases will be conducted in compliance with the SEC's Rule 10b-18 and applicable legal requirements and shall be subject to market conditions and other factors. The company also expects to establish Rule 10b5-1 trading plans from time to time to effect such purchases when appropriate.
The program does not obligate SonoSite to acquire any particular amount of common stock and the program may be modified or suspended at any time at the company's discretion. Any repurchases would be funded from available cash on hand.
As of March 31, 2010, SonoSite had approximately $178 million in cash, cash equivalents and short-term investment securities.
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