(NYSE: PRLB) announced today that its Board of Directors has approved a
$50 million increase in its authorized stock repurchase program and
extended the expiration date to December 31, 2023. This authorization
increases the stock repurchase program to $100 million. As of May 15,
2019, Protolabs had repurchased an aggregate dollar value of $34
million, resulting in $66 million remaining available to purchase common
stock under the stock repurchase program.
Under this authorization, Protolabs is not required to purchase shares,
but may choose to do so in the open market or through private
transactions at times and amounts determined by the company based on its
evaluation of market conditions and other factors.
Protolabs’ capital allocation strategy remains unchanged. Protolabs
focuses on serving our customers by first expanding capacity to maintain
world class lead times through investments in equipment and facilities.
The company then looks to invest in research and development to expand
the envelope of existing services and improve the ecommerce experience
of its customers. Next, Protolabs looks for potential acquisition
opportunities that further the company’s growth strategy. Finally, the
company provides the return realized by these investments to its
shareholders through opportunistic stock repurchases.
Protolabs is the world’s fastest digital
manufacturing source for rapid prototyping and on-demand production. The
technology-enabled company produces custom parts and assemblies in as
fast as 1 day with automated 3D printing, CNC machining, sheet metal
fabrication, and injection molding processes. Its digital approach to
manufacturing enables accelerated time to market, reduces development
and production costs, and minimizes risk throughout the product life
cycle. Visit protolabs.com
for more information.
Statements contained in this
press release regarding matters that are not historical or current facts
are “forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements involve known
and unknown risks, uncertainties and other factors which may cause the
results of Protolabs to be materially different than those expressed or
implied in such statements. Certain of these risk factors and others are
described in the “Risk Factors” section within reports filed with the
SEC. Other unknown or unpredictable factors also could have material
adverse effects on Protolabs’ future results. The forward-looking
statements included in this press release are made only as of the date
hereof. Protolabs cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place undue
reliance on these forward-looking statements. Finally, Protolabs
expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or circumstances.