Shutterfly Expands Share Repurchase Program

(RTTNews) - Shutterfly, Inc. (SFLY) said Tuesday that its Board of Directors has approved an increase to its ongoing share repurchase program for an aggregate of up to $100 million.

The original share repurchase program was announced in November 2012, and in addition to what has been purchased to date, the company now expects to utilize an additional $100 million of cash under the expanded program over the next five quarters.

Jeffrey Housenbold, Shutterfly President and CEO, said, "The Board's willingness to expand and refresh the repurchase program is a reflection of their confidence in Shutterfly's business execution, growth and competitiveness. Shutterfly's strong balance sheet allows us to utilize the expanded share repurchase program, while also maintaining the financial flexibility to operate the business, invest in our future, and pursue attractive strategic growth opportunities"

Shutterfly plans to finance the share repurchases with cash on hand.