NetScout Systems Provides Update on Share Repurchase Activities
Date: Tuesday February 2, 2016
WESTFORD, Mass., February 2, 2016 – NetScout Systems, Inc. (NASDAQ: NTCT), a market leader in service assurance and cybersecurity solutions, is providing an update on its share repurchase activities. During the first nine months of fiscal year 2016, NetScout had repurchased approximately 5.2 million shares under its authorized share repurchase plan of up to 20 million shares of its common stock. On its January 28th conference call with investors, the Company stated it intended to be active in the market in repurchasing its stock. The Company, as part of its existing authorized share repurchase plan, intends to repurchase up to approximately $100 million of its common stock during the fourth quarter of fiscal year 2016 ending March 31, 2016 through open market repurchases under rule 10b5-1.
Jean Bua, NetScout’s executive vice president and chief financial officer, stated, “Accelerating our share repurchase activity at prices that we believe are attractive underscores our confidence in the strength of our business as well as our conviction about our long-term strategic plan and our ability to execute on it. We believe that our strong financial foundation provides us with the flexibility necessary to advance our buyback plans without impacting our ongoing initiatives to fortify and expand our customer relationships, drive innovation, integrate the acquired Danaher Communications Business assets and further extend our leadership position in the enterprise and service provider markets.”
About NetScout Systems, Inc.
NetScout Systems, Inc. (NASDAQ: NTCT) is a market leader in real-time service assurance and cyber security solutions for today’s most demanding service provider, enterprise and government networks. NetScout’s Adaptive Service Intelligence (ASI) technology continuously monitors the service delivery environment to identify performance issues and provides insight into network-based security threats, helping teams to quickly resolve issues that can cause business disruptions or impact user experience. NetScout delivers unmatched service visibility and protects the digital infrastructure that supports our connected world. To learn more, visit www.netscout.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and other federal securities laws. Investors are cautioned that statements in this press release, which are not strictly historical statements, including without limitation, statements related to the Company’s future stock repurchase activities (including the timing, nature and financial impact of any such transactions), statements related to the Company’s ability to execute on its long-term strategic plan and statements related to the Company’s ability to conduct buyback activities without impacting various ongoing business initiatives. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, but are not limited to: (i) the relative performance of the economy and the U.S. stock markets as a whole; (ii) market price of our common stock and other market conditions; (iii) the difficulty of predicting our future cash needs; (iv) the nature of other investment opportunities available to us from time to time; (v) our operating cash flow; (vi) the ability of NetScout to successfully integrate the acquired Communications Business assets and the associated technology and achieve operational efficiencies; and (vii) and other factors identified in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. NetScout assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
©2016 NetScout Systems, Inc. All rights reserved. NetScout and the NetScout logo are registered trademarks or trademarks of NetScout Systems, Inc. and/or its subsidiaries and/or affiliates in the USA and/or other countries.