MENLO PARK, Calif., Feb. 22, 2022 (GLOBE NEWSWIRE) — Exponent today announced that its Board of Directors approved a $150 million expansion of its share repurchase program, adding to the $29.5 million that remains available under the current authorization for repurchases. In total, the Company now has approximately $179.5 million available to repurchase shares. The Company has repurchased $38.9 million of common stock in fiscal year 2022.
“Today’s announcement, combined with the recent 20% increase in our quarterly dividend, reflects our unwavering confidence in Exponent’s strategic direction and our commitment to delivering long-term value for our shareholders,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “Exponent’s balanced capital allocation strategy includes investing in initiatives to drive long-term profitable growth while also returning cash to shareholders through dividends and repurchases. This is supported by our consistent cash flow and strong financial position, including that we ended fiscal 2021 with $297.7 million in cash and cash equivalents.”
This plan authorizes Exponent to purchase its common stock in the open market or privately negotiated transactions in compliance with the Securities and Exchange Commission’s Rule 10b-18.
About Exponent
Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent’s interdisciplinary organization of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 50 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability.
