PORTLAND, Ore., May 17, 2011 /PRNewswire/ -- Rentrak Corporation (NASDAQ: RENT), a leader in multi-screen media measurement serving the advertising, television and entertainment industries, today announced that its Board of Directors has authorized a one-year share repurchase program for up to $5.0 million of Rentrak's outstanding common stock.
Common stock repurchases may be made from time to time in the open market at prevailing market prices or through privately negotiated transactions. The amount and timing of all repurchase transactions will be contingent upon market conditions, regulatory requirements and alternative investment opportunities.
"Rentrak's Board of Directors believes that the company's shares are undervalued at current levels. Today's authorization demonstrates the Board's continued optimism about Rentrak's growth prospects and its ongoing commitment to enhancing shareholder value," said Bill Livek, Rentrak's Chief Executive Officer. "The company generates sufficient free cash flow annually to fully fund the repurchase program, which provides us with the financial flexibility to purchase shares while also pursuing strategic growth initiatives that will solidify Rentrak's position as a leading provider of consumer entertainment behavioral databases across all digital media screens."
The company previously authorized a share repurchase program in January 2006 for the purchase of up to one million shares of Rentrak common stock. Under the program Rentrak purchased 723,367 shares of its common stock at an average price of $10.78 per share for a total cost of $7.8 million. The last purchase made by Rentrak under this repurchase program was in June 2009.
About Rentrak Corporation
Rentrak (NASDAQ: RENT) is a global digital media measurement and research company, serving the most recognizable companies in the entertainment industry. With a reach across numerous platforms including box office, multi-screen television, and home video, Rentrak has developed more efficient metrics to be used as database currencies for the evaluation and selling of media. Rentrak is headquartered in Portland, Oregon, with additional U.S. and international offices. For more information on Rentrak, please visit www.rentrak.com.
Safe Harbor Statement
The foregoing paragraphs contain forward-looking statements relating to Rentrak's stock repurchase program and future financial performance. These forward-looking statements are based on Rentrak's current expectations, estimates and projections about its business and industry, management's beliefs, and certain assumptions, all of which are subject to change. Forward-looking statements are not guarantees of future performance and Rentrak's actual results may differ significantly as a result of a number of factors, including customer demand for movies in various media formats subject to company guarantees, the company's ability to attract new revenue-sharing customers and retain existing customers, the company's success in maintaining its relationships with studios and other product suppliers, the company's ability to successfully develop and market new services to create new revenue streams, its ability to successfully integrate acquired businesses, and Rentrak's customers continuing to comply with the terms of their agreements. Additional factors that could affect Rentrak's financial results are described in Rentrak's March 31, 2010 annual report on Form 10-K filed with the Securities and Exchange Commission. Results of operations in any past period should not be considered indicative of the results to be expected for future periods.
INVESTOR CONTACT:
PondelWilkinson Inc.
Laurie Berman
310-279-5962
[email protected]
RENTF
SOURCE Rentrak Corporation
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