$25 Million Added to Current Repurchase Program
ENGLEWOOD, CO, Sep 21, 2009 (MARKETWIRE via COMTEX) -- TeleTech Holdings, Inc. (NASDAQ: TTEC), one of the largest and most
geographically diverse global providers of business process
outsourcing ("BPO") solutions, today announced that its Board of
Directors has approved an increase of $25 million in the funding
available for share repurchases.
During the first six months of 2009, TeleTech repurchased more than
two million shares of common stock for approximately $26 million.
This authorization brings the current total amount available for
repurchase to approximately $34 million from the $9.3 million that was
still available for share repurchases as of June 30, 2009 under the
previous authorization approved by the Board in February 2009.
"The Board's approval of this increase in funding for repurchases
demonstrates its strong confidence in TeleTech's long-term growth
prospects and its continuing commitment to maximizing shareholder
value," said Kenneth Tuchman, chairman and chief executive officer.
"TeleTech's solid balance sheet and strong cash flow from operations
allow us to repurchase stock while also continuing to further invest
in technological innovation and our future growth initiatives."
The stock repurchase authorization does not have an expiration date,
and the pace of repurchase activity will depend on factors such as
levels of cash generation from operations, current stock price, and
TeleTech is one of the largest and most geographically diverse global
providers of business process outsourcing solutions. TeleTech and its
subsidiaries have a 27-year history of designing, implementing, and
managing critical business processes for Global 1000 companies to
help them improve their customers' experience, expand their strategic
capabilities, and increase their operating efficiencies. By delivering
a high-quality customer experience through the effective integration
of customer-facing front-office processes with internal back-office
processes, we enable our clients to better serve, grow, and retain
their customer base. We use Six Sigma-based quality methods
continually to design, implement, and enhance the business processes
we deliver to our clients and we also apply this methodology to our
own internal operations. TeleTech and its subsidiaries have developed
deep domain expertise and support more than 250 business process
outsourcing programs serving approximately 100 global clients in the
automotive, communications and media, financial services, government,
healthcare, retail, technology and travel and leisure industries. Our
integrated global solutions are provided by approximately 48,000
employees utilizing 37,000 workstations across 77 delivery centers in
17 countries. For additional information, visit www.teletech.com.