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CyberSource Board Approves Stock Buyback Plan
Friday, November 21, 2008
MOUNTAIN VIEW, Calif., Nov. 21 /PRNewswire-FirstCall/ -- CyberSource
Corporation (Nasdaq: CYBS), a leading provider of electronic payment and risk
management solutions, today announced that its Board of Directors has approved
a new stock repurchase program that authorizes the Company to buy up to $15
million of its common stock. The Company will fund the program with available
cash on hand and may repurchase shares in the open market from time to time
based on market conditions and other factors. The plan will be effective
through March 31, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990513/CYBRSOURCELOGO)
"These are historically challenging times for the global economy, but our
business continues to perform well. This latest action demonstrates the
Board's belief in the continued success of the company and the long term value
it will bring to investors," said Bill McKiernan, chairman and chief executive
officer of CyberSource.
In 2008, year to date, CyberSource has used approximately $9,997,005 to
repurchase 704,925 shares pursuant to prior repurchase plans authorized by the
Board.
About CyberSource
CyberSource Corporation is a leading provider of electronic payment and
risk management solutions. CyberSource solutions enable electronic payment
processing for Web, call center, and POS environments. CyberSource also
offers industry leading risk management solutions for merchants accepting
card-not-present transactions. CyberSource Professional Services designs,
integrates, and optimizes commerce transaction processing systems.
Approximately 245,000 businesses use CyberSource solutions, including half the
companies comprising the Dow Jones Industrial Average. The company is
headquartered in Mountain View, California, and has sales and service offices
in Japan, the United Kingdom, and other locations in the United States
including Bellevue, Washington and American Fork, Utah. For more information
on CyberSource please visit http://www.cybersource.com or email
info@cybersource.com. For more information on Authorize.Net small business
solutions, please visit http://www.authorize.net or email sales@authorize.net.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995Statements in this release that are not purely historical are forward-
looking statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, including,
without limitation, statements regarding the company's expectations,
objectives, anticipations, plans, hopes, beliefs, intentions or strategies
regarding the future. Forward-looking statements in this release include,
without limitation, statements regarding the continued success of the company
and long term value to investors. Factors that could cause actual results to
differ materially from the forward looking statements include risks and
uncertainties such as the company's ability to acquire shares in the stock
buyback plan at a suitable price and amount, changes in Generally Accepted
Accounting Principles and the application thereof, changes in customer needs,
the risks inherent in integrating a newly-acquired business, the risks of
failures, disruptions or illiquidity in the national and global banking,
credit and financial systems and the impact of those risks on the company's
business, the risk of the economy, in general, and online economy, in
particular, slowing down, new products and services offerings by the company
and its competitors, any unforeseen event or any unforeseen system failures,
and other risks indicated in our filings with the Securities and Exchange
Commission. It is important to note that actual outcomes could differ
materially from those in such forward-looking statements. Readers should also
refer to the documents filed by CyberSource with the Securities and Exchange
Commission, specifically the annual report filed on Form 10-K for the year
ended December 31, 2007, filed with the Securities and Exchange Commission on
March 11, 2008, and our quarterly reports filed on Form 10-Q from time to
time, all of which identify important risk factors.
(C) 2008 CyberSource Corporation. All rights reserved. CyberSource is a
registered trademark in the U.S. and other countries. Authorize.Net is a
registered trademark in the U.S. All other brands and product names are
trademarks or registered trademarks of their respective companies.
SOURCE CyberSource Corporation
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