Turtle Beach Announces $15 Million Share Repurchase Program
SAN DIEGO, April 10, 2019 /PRNewswire/ -- Turtle Beach (Nasdaq: HEAR), the global leader in gaming headsets and audio accessories, today announced its board of directors has approved a share repurchase program allowing the company to purchase up to $15 million of its common shares at its discretion from time to time in the open market, or in block purchase transactions over the next two years.
The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. Turtle Beach intends to fund the share repurchases using cash from operations or short-term borrowings and may suspend or discontinue repurchases at any time. Any shares acquired will be available for general corporate purposes. The share repurchase program is scheduled to expire April 9, 2021, but may also be expanded, extended, or terminated based on market conditions, applicable legal requirements and other factors.
"We are confident in the strength and future of Turtle Beach," said Juergen Stark, CEO of Turtle Beach. "This repurchase program, our acquisition of ROCCAT, and the continued expansion of our gaming audio products demonstrate our balanced strategic approach and our commitment to investing in profitable growth. We look forward to delivering value to our shareholders through continued execution of our strategic growth pillars and effective use of our capital."
Stark continued, "We expect to generate free cash flow of over $23 million in 2019, or over $1.40 per share. While our top priority is funding our core business and future growth drivers, such as our recent acquisition of ROCCAT, we believe our stock represents one of the most attractive investment opportunities in the gaming space, and we will take advantage of the opportunity to invest in our company as appropriate."
About Turtle Beach Corporation
Turtle Beach (www.turtlebeach.com) is a leading gaming accessory brand, offering a wide selection of cutting-edge, award-winning gaming headsets. Whether you're a professional esports athlete, hardcore gamer, casual player, or just starting out, Turtle Beach has the gaming headset to help you truly master your skills. Innovative and advanced technology, amazing high-quality gaming audio, crystal-clear communication, lightweight and comfortable designs, and ease-of-use are just a few features that make Turtle Beach a fan-favorite brand for gamers the world over. Designed for Xbox, PlayStation®, and Nintendo consoles as well as for PC, Mac®, and mobile/tablet devices, owning a Turtle Beach gaming headset gives you the competitive advantage. Hear Everything. Defeat Everyone.™ The Company's shares are traded on the Nasdaq Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend" and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements are based on management's current belief and expectations, as well as assumptions made by, and information currently available to, management.
While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to the Company's liquidity, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the implementation of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, changes in the fair value of our outstanding warrants and other factors discussed in our public filings, including the risk factors included in the Company's most recent Quarterly Report on Forms 10-Q and 10-K and the Company's other periodic reports. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.
All trademarks are the property of their respective owners.
SOURCE Turtle Beach Corporation
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