Pervasive Software® Inc. (NASDAQ: PVSW) , a global value leader in embeddable data management and agile integration software , today announced that its Board of Directors authorized a new $10 million stock repurchase plan.
As of March 26, 2009, Pervasive Software Inc. (the “Company”) has acquired approximately 733,000 shares of the Company’s common stock on the open market at a total cost of approximately $2.7 million, or approximately $3.72 price per share, during the quarter ending March 31, 2009. The Company has now utilized $7.2 million of the authorized repurchase funds under its $10 million stock repurchase program announced in March 2008 and this program is now closed. The Company’s Board of Directors has approved a new stock repurchase plan effective immediately, whereby the Company may repurchase additional shares of its common stock with a value of up to $10 million. Depending on market conditions and other factors, such purchases may be commenced or suspended at any time without prior notice.
During the twelve fiscal quarters since March 31, 2006, the Company has acquired approximately 7.2 million shares of its common stock on the open market at a total cost of approximately $29.0 million, or approximately $3.99 price per share. Total issued and outstanding shares of common stock has decreased over this period of time with approximately 18.2 million shares issued and outstanding as of March 26, 2009, compared to approximately 23.2 million shares issued and outstanding as of March 31, 2006. In addition, employee and director stock options outstanding as of March 26, 2009, including both “in-the-money” and “out-of-the-money” options, totaled approximately 2.6 million, a reduction compared to stock options outstanding as of March 31, 2006, of approximately 4.2 million. And, cash and marketable securities are anticipated to be in excess of $42 million as of March 31, 2009, compared to cash and marketable securities of $42.8 million as of March 31, 2006.
“I am pleased with the results of our share repurchase program over the past three years,” said John Farr, president and CEO of Pervasive Software. “Since April 1, 2006, we have reduced our combined total shares issued and outstanding and the potential dilution represented by our outstanding stock options by 24%. And, even with $29 million invested in our share repurchase program over the past three years, we still maintained a significant absolute cash position. Our consistent profitability and positive cash flow from operations have allowed us to substantially reduce our total shares and options outstanding while also maintaining a very healthy balance sheet and enabling us to strategically invest in both our flagship products and new innovation initiatives for the future. The newly authorized share repurchase program reflects our continued confidence in the future of the business while also providing us a vehicle through which we can return value to our shareholders.”
About Pervasive Software
Pervasive Software (NASDAQ: PVSW) helps companies get the most out of their data investments through embeddable data management, agile data integration software and revolutionary next generation analytics. The embeddable Pervasive PSQL TM database engine allows organizations to successfully embrace new technologies while maintaining application compatibility and robust database reliability in a near-zero database administration environment. Pervasive’s multi-purpose data integration platform accelerates the sharing of information between multiple data stores, applications, and hosted business systems and allows customers to re-use the same software for diverse integration scenarios. Pervasive DataRush TM is an embeddable high-performance software platform for data-intensive processing applications such as claims processing, risk analysis, fraud detection, data mining, predictive analytics, sales optimization and marketing analytics. For more than two decades, Pervasive products have delivered value to tens of thousands of customers in more than 150 countries with a compelling combination of performance, flexibility, reliability and low total cost of ownership. Through Pervasive Innovation Labs, the company also invests in exploring and creating cutting edge solutions for the toughest data analysis and data delivery challenges. Robin Bloor, founder of Bloor Research and partner at Hurwitz and Associates recently cited Pervasive as one of the 10 IT Companies to Watch in 2009 . For additional information, go to www.pervasive.com .