SUNNYVALE, Calif., Aug 31, 2010 (GlobeNewswire via COMTEX News Network) -- 8x8, Inc. (Nasdaq:EGHT), provider of innovative business communications solutions, today announced that its Board of Directors has authorized an increase in its share repurchase program from $2 million to $3 million to buyback shares of the Company's stock. The Company will continue to repurchase shares during its regularly scheduled open trading window, which is typically the middle five weeks of each quarter, and will establish a 10b-5 plan that will permit buyback of shares at times other than when the scheduled window is open.
Share repurchases, if any, will be funded with available cash. Repurchases of the Company's common stock may be made through open market purchases at prevailing market prices or in privately negotiated transactions. The timing, volume and nature of share repurchases are subject to market prices and conditions, applicable securities laws and other factors, and are at the discretion of the Company's management. Share repurchases may be commenced, suspended or discontinued at any time.
"With zero debt and a healthy cash reserve that has grown 11 of the past 12 quarters, 8x8 is well positioned to take advantage of the opportunity that currently exists in the market to repurchase the Company's stock," said 8x8 Chairman & CEO Bryan Martin.
During the month of August 2010, 8x8 repurchased 492,970 shares for $698,355 under the existing stock repurchase program. These amounts are in addition to the 380,076 shares the Company repurchased for $331,802 through June 30, 2010. At the close of the June quarter, 8x8 reported $18.1 million in cash and cash equivalents and no debt.