Santa Clara - 9/18/2007 - Macrovision Corporation (NASDAQ: MVSN) today announced that it has repurchased the remaining $50 million worth of shares under its existing $100 million repurchase program authorized in August 2006. Macrovision also announced that its Board of Directors has authorized the Company to purchase up to an additional $60 million worth of shares of common stock in the open market or otherwise, as conditions warrant.
“The repurchase program reflects our efforts to return value to our stockholders, optimize our capital structure and minimize our cost of capital, while maintaining flexibility to pursue strategic investments,” said Chief Financial Officer James Budge. As of June 30, 2007, the Company had in excess of $520 million in liquid cash and investments; the completed repurchase is expected to be accretive to Macrovision’s earnings per share.
As of September 14, 2007, the Company had approximately 53.2 million shares of common stock outstanding, after having repurchased during the current quarter approximately 2.1 million shares, or 4 percent of its outstanding common shares as of August 1, 2007, as reported on the Company's most recent Form 10-Q filed with the Securities and Exchange Commission (SEC). The repurchased shares are returned to the status of authorized but unissued shares of common stock, and may be used for general corporate purposes, including issuance under employee equity compensation plans.
Purchases under the new program may be made from time to time in the open market, through block trades, in privately-negotiated transactions or otherwise, at management’s discretion. Subject to applicable SEC rules, Company trading window periods and the provisions of the Company’s convertible note hedge, and depending upon general market conditions and other factors, purchases may be commenced, suspended or recommenced at any time. The program does not require the Company to acquire a specific number of shares and does not expire until utilized or otherwise cancelled.
About Macrovision
Macrovision provides a broad set of solutions that enable businesses to protect, enhance and distribute their digital goods to consumers across multiple channels. Macrovision solutions are deployed by companies in the entertainment, consumer electronics, gaming, software, information publishing and corporate IT markets to solve industry-specific challenges and bring greater value to their customers. Macrovision holds approximately 270 issued or pending United States patents and more than 1,200 issued or pending international patents, and continues to increase its patent portfolio with new and innovative technologies in related fields. Macrovision is headquartered in Santa Clara, California, U.S.A. with other offices across the United States and around the world. More information about Macrovision can be found at http://www.macrovision.com/.
©Macrovision 2007. Macrovision is a registered trademark of Macrovision Corporation. All other brands and product names and trademarks are the registered property of their respective companies.
All statements contained herein, including the quotation attributed to Mr. Budge, that are not statements of historical fact, including statements that use the words “will,” “believes,” “anticipates,” “estimates,” “expects,” “intends” or “looking to the future” or similar words that describe the Company’s or its management’s future plans, objectives, or goals, are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, the Company’s intention to repurchase shares in the future.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Among the important factors that could cause results to differ materially are the Company’s inability or failure to repurchase shares of its stock at prices and on terms that it believes are appropriate. Other factors include those outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, our Quarterly Report on Form 10-Q for the period ended June 30, 2007 and such other documents as are filed with the Securities and Exchange Commission from time to time (available at www.sec.gov). These factors may not constitute all factors that could cause actual results to differ materially from those discussed in any forward-looking statement. The Company operates in a continually changing business environment and new factors emerge from time to time. The Company cannot predict such factors, nor can it assess the impact, if any, of such factors on the Company or its results. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company assumes no obligation, except as required by law, to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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