What happened
Shares of Tucows (NASDAQ: TCX) rose 12.1% in March 2017, according to data from S&P Global Market Intelligence .
So what
The provider of online business services and a budding bundle of mobile and fiber-optic communications products started March with a bang, announcing a brand-new $40 million share buyback program. For a company with a $476 million market cap at the time, that's a pretty serious and shareholder-friendly commitment.
Later on, longtime CFO Michael Cooperman announced an orderly retirement. The 65-year-old executive handpicked his replacement a year ago, installing Dave Singh as vice president of finance to ensure a smooth learning curve and transition. If that weren't preparation enough, Cooperman will also stay on in an advisory role for an unspecified period.
Now what
The simple CFO transition removed a cloud of uncertainty from Tucows' horizon. Singh's background in telecom operations ensures that Tucows will continue its full-court press on the Ting-branded fiber-optic and mobile services.
And that buyback policy is a strong vote of confidence, especially since it expires in early 2018. Moreover, the company collected just $22 million in operating cash flows last year and the balance sheet only holds $15 million in cash equivalents. Tucows shares have gained a spine-tingling 130% over the last 52 weeks, but management is betting a downright audacious amount of money on further gains.
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Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Tucows. The Motley Fool has a disclosure policy .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
