Bottomline Technologies Announces Stock Repurchase Program
PORTSMOUTH, NH – April 29, 2008 –
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today announced that its Board of Directors has authorized the repurchase of $10 million of the company’s common stock from time to time, on the open market or in privately negotiated transactions. The $10 million stock repurchase program announced by the company in 2007 has been completed.
“In our most recent quarter we generated $8.5 million of cash from operations, bringing our total cash generated from operations over the last 12 months to $20 million,” said Kevin Donovan, Chief Financial Officer of Bottomline Technologies. “We are confident in the future prospects of our business. With our strong balance sheet and operating cash flow, our Board believes that the expansion of our stock repurchase program is consistent with our ongoing commitment to driving shareholder value.”
The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at anytime. Any repurchased shares will be available for use in connection with Bottomline’s stock plans and for other corporate purposes.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes and transactions involving global payments, invoice approval, purchase-to-pay, collections, cash management and document process automation. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Company Contact:
Billy Balfour
Bottomline Technologies
603-501-5219
bbalfour@bottomline.com
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