QUEBEC CITY, Jan. 8, 2019 /CNW Telbec/ - EXFO Inc.
(NASDAQ: EXFO) (TSX: EXF) announced today that its Board of Directors has authorized a share repurchase program, by way of a
normal course issuer bid ("NCIB") on the open market, of up to approximately 6.3% (1,200,000 subordinate voting shares) of
the public float of 19,051,611 subordinate voting shares (as defined by the Toronto Stock Exchange ("TSX")), as of December 31, 2018. On December 31, 2018, EXFO had 23,659,043 subordinate voting shares outstanding. EXFO
has not repurchased any of its subordinate voting shares within the last twelve months.
The TSX has accepted a notice filed by EXFO of its intention to proceed with a NCIB. EXFO may use cash, short-term investments
and future cash flows from operations to fund the repurchase of shares. Repurchases under the bid will be made on the open
market, through the facilities of the TSX and NASDAQ or via alternative trading systems, at the prevailing market price. The
timing of such repurchases, if any, will depend on price, market conditions and applicable regulatory requirements.
The NCIB will become effective on January 14, 2019 and end on January 13,
2020 or on an earlier date if EXFO repurchases the maximum number of shares permitted. The average daily trading volume
(ADTV) of EXFO's subordinate voting shares was 14,635, on the TSX and 38,334 on the NASDAQ for the most recently completed
six calendar months. Accordingly, EXFO is entitled to repurchase up to 25% of the ADTV on any trading day (being
3,658 subordinate voting shares on the TSX and 9,583 subordinate voting shares on the NASDAQ) or pursuant to the applicable
rules of the TSX. The program does not require the company to repurchase a minimum number of shares and it may be modified,
suspended or terminated at any time without prior notice. All shares acquired by EXFO under the bid will be cancelled.
EXFO believes that the repurchase of some of its subordinate voting shares is an appropriate and desirable use of its
available cash. Consequently, EXFO believes that the offer is made in the best interests of the company and its
shareholders.
About EXFO
EXFO (NASDAQ: EXFO) (TSX: EXF) develops smarter
test, monitoring and analytics solutions for fixed and mobile network operators, webscale companies and equipment manufacturers
in the global communications industry. Our customers count on us to deliver superior network performance, service reliability and
subscriber insights. They count on our unique blend of equipment, software and services to accelerate digital transformations
related to fiber, 4G/LTE and 5G deployments. They count on our expertise with automation, real-time troubleshooting and big data
analytics, which are critical to their business performance. We've spent over 30 years earning this trust, and today 1,900
EXFO employees in over 25 countries work side by side with our customers in the lab, field, data center and
beyond.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995, and we intend that such forward-looking statements be subject to the safe harbors created thereby.
Forward-looking statements are statements other than historical information or statements of current condition. Words such as
may, expect, believe, plan, anticipate, intend, could, estimate, continue, or similar expressions or the negative of such
expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations,
projections or other characterizations of future events and circumstances are considered forward-looking statements. They are not
guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in
forward-looking statements due to various factors including, but not limited to, macroeconomic uncertainty, including trade wars;
our ability to successfully integrate businesses that we acquire; capital spending and network deployment levels in the
telecommunications industry (including our ability to quickly adapt cost structures to anticipated levels of business and our
ability to manage inventory levels with market demand); future economic, competitive, financial and market conditions;
consolidation in the global telecommunications test, service assurance and analytics solutions markets and increased competition
among vendors; capacity to adapt our future product offering to future technological changes; limited visibility with regard to
the timing and nature of customer orders; delay in revenue recognition due to longer sales cycles for complex systems involving
customers' acceptance; fluctuating exchange rates; concentration of sales; timely release and market acceptance of our new
products and other upcoming products; our ability to successfully expand international operations and to conduct business
internationally; and the retention of key technical and management personnel. Assumptions relating to the foregoing involve
judgments and risks, all of which are difficult or impossible to predict and many of which are beyond our control. Other risk
factors that may affect our future performance and operations are detailed in our Annual Report, on Form 20-F, and our other
filings with the U.S. Securities and Exchange Commission and the Canadian securities commissions. We believe that the
expectations reflected in the forward-looking statements are reasonable based on information currently available to us, but we
cannot assure you that the expectations will prove to have been correct. Accordingly, you should not place undue reliance on
these forward-looking statements. These statements speak only as of the date of this document. Unless required by law or
applicable regulations, we undertake no obligation to revise or update any of them to reflect events or circumstances that occur
after the date of this document.
EXFO-C
View original content:http://www.prnewswire.com/news-releases/exfo-announces-normal-course-issuer-bid-300775124.html
SOURCE EXFO Inc.
View original content: http://www.newswire.ca/en/releases/archive/January2019/08/c5578.html