|ARRIS Announces Increase in Share Repurchase Program Authorization|
|SUWANEE, Ga., March 4, 2009 /PRNewswire-FirstCall via COMTEX/ -- ARRIS Group, Inc.
(Nasdaq: ARRS), a global technology leader in the development of advanced
cable telephony, next generation high-speed data, demand driven video
solutions, operations software and broadband access equipment, today announced
that its Board of Directors had increased the level of authorized share
repurchase to an aggregate of $100 million of the Company's common stock, the
same level as had previously been authorized. In February 2008, the Company
authorized a $100 million share repurchase and in the first quarter of 2008,
the Company used $76 million to repurchase shares representing approximately
10% of the then outstanding shares. Shares repurchased pursuant to the
program may be purchased in the open market or through block purchases at such
times and prices as may be considered appropriate by the Company. The timing
of any purchases and the exact number of shares to be purchased, if any, will
depend on a variety of factors.
"We believe the previous repurchase of our shares was a prudent use of cash at that time," said Bob Stanzione, ARRIS Chairman & CEO. "The Board's recent increase of the authorized level of share repurchase will allow us the flexibility to take advantage of future repurchase opportunities as part of our ongoing capital management strategy. This repurchase authorization by our Board of Directors again reflects our strong confidence in the markets that we serve, the future of ARRIS, and also demonstrates our continuing commitment to pursuing opportunities to enhance shareholder value."
ARRIS is a global communications technology company specializing in the design, engineering and supply of technology supporting triple and quad-play broadband services for residential and business customers around the world. The company supplies broadband operators with the tools and platforms they need to deliver reliable telephony, demand driven video, next-generation advertising and high-speed data services. ARRIS products expand and help grow network capacity with access and outside plant construction equipment, reliably deliver voice, video and data services and assure optimal service delivery for end customers. Headquartered in Suwanee, Georgia, USA, ARRIS has R&D centers in Atlanta, Chicago, Beaverton, State College, Wallingford, Waltham, Ireland and China, and operates support and sales offices throughout the world. Information about ARRIS products and services can be found at http://www.arrisi.com .
Statements made in this press release regarding the Company's share repurchase program and future outlook are forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among other things, sufficient shares may not be available at appropriate prices, alternative uses may develop for the Company's funds, and market and other conditions may change. These factors are not intended to be an all- encompassing list of applicable risks and uncertainties. Additional information regarding these and other factors can be found in ARRIS' reports filed with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2008. In providing forward-looking statements, the Company expressly disclaims any obligation to update publicly or otherwise these statements, whether as a result of new information, future events or otherwise.
SOURCE ARRIS Group, Inc.