TAMPA BAY, Florida (PTC Media and Analyst Event) June 4, 2007 -- Neil Moses, EVP and CFO of PTC, announced today that the company expects to embark on a stock buyback program and will purchase $40 million of PTC stock in the second half of 2007.
"We believe our own stock is an attractive investment opportunity for PTC," said Moses.
This estimation may be adjusted against acquisitions, should such opportunities arise.
When asked why the amount of stock buyback was not higher since PTC has positive cash flow and cash in reserve, CEO C. Richard Harrison responded with "It is more important for us to grow into a $2B company," he said, indicating a corporate bias towards using cash for growth [by acquisition] rather than for buyback.
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