$50 Million Added to Current Repurchase Program
ENGLEWOOD, Colo., Dec 06, 2010 (BUSINESS WIRE) --
TeleTech Holdings, Inc. (NASDAQ: TTEC), one of the world's largest
global providers of comprehensive enterprise solutions that maximize
revenue, transform customer experiences and optimize business processes,
today announced that its Board of Directors has approved an increase of
$50 million in the funding available for share repurchases.
This increased authorization brings the total amount available for
repurchase to approximately $77 million from the $27 million that was
still available for share repurchases as of September 30, 2010 under the
previous authorization approved by the Board in August 2010.
During the first nine months of the year, TeleTech repurchased 3.2
million shares of common stock for approximately $48 million.
"The Board's decision to further increase our share repurchase program
demonstrates its confidence in the company's long-term growth prospects
and its ability to deliver transformative solutions that differentiate
the service experience for its clients," said Kenneth Tuchman, chairman
and chief executive officer. "TeleTech's strong cash flow from
operations, positive net cash position and solid balance sheet has
enabled us to repurchase our stock while also continuing to invest in
strategic 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 other factors.
For nearly 30 years, TeleTech and its subsidiaries have helped the
world's largest companies achieve their most ambitious goals. As the
go-to partner for the Global 1000, the TeleTech group of companies
delivers technology-based solutions that maximize revenue, transform
customer experiences and optimize business processes. From strategic
consulting to operational execution, TeleTech's more than 42,000
employees drive success for clients in the communications and media,
financial services, government, healthcare, technology, transportation
and retail industries. Our companies deliver award-winning integrated
solutions in support of customer
innovation and professional
services. For additional information, please visit www.teletech.com.
Karen Breen, 303-397-8592
Bob Livingston, 303-397-8958