TeleTech Holdings, Inc
) recently announced that its Board of Directors has approved an
authorization to purchase additional shares worth $25 million
under the share repurchase program. Earlier in Dec 2012, TeleTech
had also extended its share repurchase program by a similar
amount to bring its tally to $537.3 million till Mar 31, 2013.
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Out of this, the company has already purchased 37.7 million
shares for $521.7 million, at an average price of $13.84 a share.
During the first quarter of 2013, TeleTech had repurchased
487,000 shares for $9.8 million.
Including the current hike, TeleTech has approximately $40.6
million remaining under the share repurchase program with no
specific deadline. The company plans to use its cash flow from
operations for the stock repurchase.
During the first quarter of 2013, the company generated $6.5
million from its operating activities. Also, during its first
quarter results, the company reported cash and cash equivalents
of $170.5 million with total debt of $128.9 million.
TeleTech presently pays no quarterly dividends and uses only
share repurchase program to return cash to its shareholders.
Consequently, by augmenting its share repurchase tally, it plans
to return additional cash to provide attractive risk-adjusted
returns to its stockholders.
TeleTech provides technology-enabled solution to its customers,
which helps its client companies to maximize their revenue,
transform customer experience and build an optimum business
TeleTech currently carries a Zacks Rank #1 (Strong Buy). Some
other stocks within the industry are
Portfolio Recovery Associates Inc.
Sykes Enterprises, Incorporated
), each carrying a Zacks Rank #2 (Buy).