This excerpt taken from the SLRY 8-K filed Dec 16, 2008.
Salary.com Announces Share Repurchase Program
WALTHAM, Mass.December 15, 2008 Salary.com, Inc. (Nasdaq:SLRY), a recognized leader in on-demand compensation and talent management solutions, today announced that its Board of Directors has authorized the repurchase of up to $2.5 million of its common stock over the next twelve months. Under the program Salary.com may repurchase shares from time to time at prevailing prices in the open market or in negotiated transactions off the market. The Company expects to use cash on hand and cash generated from future operations to fund repurchases of its common stock.
This repurchase program demonstrates the confidence that our Board of Directors and senior management team has in the future of Salary.com and our belief that our shares are currently undervalued, said Kent Plunkett, Chief Executive Officer of Salary.com. It also underscores our confidence in our growth and earnings prospects and our commitment to generating positive operating cash flow.
Salary.com management will determine the timing and amount of any repurchase based on its evaluation of market conditions, business considerations and other factors. The program does not require the Company to repurchase any specific number of shares and may be extended, modified, suspended or discontinued at any time, at the Companys discretion.