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SUWANEE, Ga., May 26, 2011 /PRNewswire 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 it has completed its existing share repurchase program with the purchase in the second quarter 2011 of 2.6 million shares of common stock for an aggregate consideration of $30.7 million.
Additionally, the Company also announced that the ARRIS Board of Directors has authorized a new $150 million share repurchase program.
"As a result of our fundamental belief in the long-term success of the Company, as well as our continued commitment to enhance shareholder value, we concluded that completing our existing share repurchase program and implementing a new program is in the best interest of our shareholders," said Bob Stanzione, ARRIS Chairman and CEO.
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-Q for the quarter ended March 31, 2011. 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.
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 carrier-grade telephony, network video processing, whole home video, demand driven video, next-generation advertising, network and workforce management solutions, access and transport architectures and ultra high-speed data services. Headquartered in Suwanee, Georgia, USA, ARRIS has R&D centers in Suwanee; Beaverton, OR; Chicago, IL; Kirkland, WA; State College, PA; Wallingford, CT; Waltham, MA; Cork, Ireland; and Shenzhen, China, and operates support and sales offices throughout the world. Information about ARRIS products and services can be found at www.arrisi.com.