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FREMONT, Calif. -- Rackable Systems, Inc. (NASDAQ:RACK), a leading provider of servers and storage products for medium and large-scale data centers, announced today that its Board of Directors has authorized the company to institute a stock repurchase program providing for the repurchase of up to $40 million of the companys stock.
The repurchase program announced today reflects the Board of Directors continued confidence in the companys near and long-term financial and operating performance and commitment to enhancing shareholder value, said Mark J. Barrenechea president and CEO of Rackable Systems. With over $181 million in cash and investments, and no debt, we have the strategic flexibility to institute a repurchase program, maintain sufficient capital for operations and innovation, and continue to pursue investment opportunities. At current price levels, we believe Rackables common stock represents an attractive investment opportunity for the company.
Rackable Systems Inc.
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