Sterling Commerce Expands Stock Buyback Program
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Sterling Commerce Inc., a provider of B-to-B electronic commerce software and services, said it has increased the number of shares of common stock that may be acquired through its stock repurchase program from 5 million shares to 15 million.
Since program began on March 1, the company has repurchased approximately 4.6 million shares of its common stock. Sterling Commerce currently has approximately 92 million shares of common stock outstanding. The stock closed Friday at 27 1/8; its 52-week high is in the 46 range.
"Recent events have created an attractive opportunity to repurchase our shares," said Warner C. Blow, president and chief executive officer. "We believe the expansion of this program confirms our confidence in the company and its future."
Sterling is focused on providing e-commerce solutions through its COMMERCE, CONNECT and GENTRAN product families to address extranet management, business process integration, community management, infrastructure and outsourcing. The company had 1998 revenues of more than $490 million.