$25 Million Added to Current Repurchase Program
ENGLEWOOD, CO, Feb 22, 2010 (MARKETWIRE via COMTEX) -- TeleTech Holdings, Inc. (NASDAQ: TTEC), one of the largest global
providers of technology-enabled revenue generation, on-demand and
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.
This authorization brings the current total amount available for
repurchase to approximately $51 million from the $26 million that was
still available for share repurchases as of December 31, 2009 under
the previous authorization approved by the Board in September 2009.
During 2009, TeleTech repurchased 2.5 million shares of common stock
for approximately $35 million.
"Since the inception of TeleTech's share repurchase program in 2001,
the Board has continued to demonstrate its commitment to maximizing
shareholder value. The Board's approval of this increase continues to
demonstrate its strong confidence in TeleTech's long-term growth
prospects," 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
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 technology-enabled business process outsourcing
solutions. TeleTech and its subsidiaries have a 28-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 270 business process outsourcing programs serving
approximately 90 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 45,000 employees utilizing 35,600
workstations across 68 delivery centers in 16 countries. For
additional information, visit www.teletech.com.
SOURCE: TeleTech Holdings, Inc.