MeetMe social network announces share repurchase program

Social networking company MeetMe, Inc. today announced via press release that its board of directors has authorized a $1 million share repurchase program relating to its common stock.

According to the release, “shares may be repurchased in the open market or through negotiated transactions. The amount and timing of specific transactions are subject to market conditions, applicable legal requirements and other factors and may be suspended or discontinued at any time.”

“we believe now is an appropriate time to begin leveraging our cash position”

MeetMe notes that while the authorization does not have a specified expiration date, the repurchases should be completed in the “next six months” and will be “funded with cash from operations.”

“In 2014 we increased our adjusted EBITDA by 177 percent versus the prior year, and our adjusted EBITDA for the first six months of this year exceeded all of 2014 by approximately $1 million,” said David Clark, MeetMe’s Chief Financial Officer. “Given our strong financial performance, we believe now is an appropriate time to begin leveraging our cash position to return value to our existing shareholders.”

MeetMe has a mobile application available on iOS and Android.