Ubiquiti Networks Announces $75M Share Repurchase Program

Ubiquiti Networks, Inc. UBNT ("Ubiquiti"), a next-generation communications technology company, today announced that its Board of Directors has authorized the company to repurchase up to $75 million shares of its common stock. We expect the share repurchase program will commence Monday, June 2, 2014. "Given our confidence in our long-term growth prospects and technology platforms, we believe that our shares are undervalued," said Craig Foster, Chief Financial Officer. "We have been profitable every quarter since our launch, and have experienced significant revenue growth over the past six quarters. Our healthy balance sheet and expected future cash flows provide us the opportunity to enhance shareholder value through share repurchases while continuing to invest in future growth." The company is authorized to repurchase shares of its outstanding common stock in accordance with applicable laws and guidelines, including those under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and under a Rule 10b5-1 plan. The timing and amount of share repurchases will be determined by the company's management based upon its evaluation of market conditions and other factors. The share repurchase program does not obligate the company to acquire any particular number of shares, and may be discontinued at any time. The share repurchase program will be funded primarily using proceeds from the company's existing credit facility. This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. About Ubiquiti Networks Ubiquiti Networks UBNT is closing the digital divide by building network communication platforms for everyone and everywhere. With over 20 million devices deployed in over 180 countries, Ubiquiti is transforming under-networked businesses and communities. Our leading edge platforms, airMAX®, UniFi®, airFiber®, airVision®, mFi® and EdgeMAX®, combine innovative technology, disruptive price-performance and the support of a global user community to eliminate barriers to connectivity. For more information, join our community at http://www.ubnt.com. Ubiquiti, the Ubiquiti logo, Ubiquiti Networks, airMAX, airFiber, airVision, UniFi, mFi, EdgeMAX, and World Network are registered trademarks or trademarks of Ubiquiti Networks, Inc. and/or its affiliates in the United States and other countries. The Ubiquiti Networks, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=24865