BOSTON, May 6 /PRNewswire-FirstCall/ -- AMICAS, Inc. , a leader in radiology and medical image and information management solutions, today announced that its Board of Directors has authorized the repurchase of up to $15 million of the Company’s common stock from time to time in open market or privately negotiated transactions.
The timing and amount of any share repurchases will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans or other corporate purposes. The repurchase program will be funded using the Company’s working capital. As of March 31, 2005, the Company had cash and cash equivalents of approximately $88.6 million. AMICAS had approximately 44.9 million shares of common stock outstanding as of March 31, 2005.
About AMICAS, Inc.
AMICAS, Inc. (http://www.amicas.com/ ) is a leader in radiology and medical image and information management solutions. The AMICAS Vision Series(TM) products provide a complete, end-to-end solution for imaging centers, ambulatory care facilities, and radiology practices. Acute care and hospital clients are provided a fully-integrated, HIS/RIS-independent PACS, featuring advanced enterprise workflow support and scalable design. Complementing the Vision Series product family is AMICAS Insight Services(TM), a set of client- centered professional and consulting services that assist our customers with a well-planned transition to a digital enterprise.
Safe Harbor Statement
This press release includes forward-looking statements about the Company’s intention to repurchase its shares of common stock from time to time under the stock repurchase program, the intended use of any repurchased shares and the source of funding for repurchases. When used in this press release, the words believes, intends, plans, anticipates, expects, estimates, and similar expressions are intended to identify forward-looking statements. Such forward- looking statements are subject to a number of risks, assumptions and uncertainties that could cause actual results to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, general economic conditions, and other factors identified in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. All forward-looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release.
CONTACT: Sarah Carmody, Investor Relations 617.779.7892 scarmody@amicas.com
AMICAS, Inc.
CONTACT: Sarah Carmody, Investor Relations, +1-617-779-7892,scarmody@amicas.com
Web site: http://www.amicas.com/