Dec 1 - PTC Increases Share Repurchase to $100M

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PTC Increases Share Repurchase to $100M

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NEEDHAM, MA, Dec 1, 2008 - PTC (Nasdaq: PMTC), The Product Development Company, today announced that its Board of Directors has increased the Company's share repurchase authorization, from $50 million to $100 million.

"The decision to expand our share repurchase program reflects the confidence of both management and our board of directors in the long-term opportunity for PTC," commented Dick Harrison, President and CEO. "Our strong balance sheet and cash position allow us to expand our repurchase program in addition to investing in certain strategic initiatives, continuing to pay down the $89 million outstanding on our revolving credit facility, while leaving adequate liquidity for acquisitions in fiscal 2009. We believe this repurchase program, in conjunction with our other investments, is a prudent use of capital and reaffirms our commitment to building shareholder value over the long term."

For the quarter ended September 30, 2008 PTC's diluted weighted average shares outstanding were 118.8 million. PTC also had $257 million in cash and equivalents and an additional $141 million available under its revolving credit facility.

The Company intends to repurchase shares in the open market from time to time, as business conditions warrant. All repurchased shares will be cancelled. The share repurchase will be funded through cash from operations and/or existing cash. The repurchase program is subject to certain conditions, including daily volume limitations. The program does not obligate PTC to acquire any particular amount of common stock and the program may be modified or suspended at any time at the Company's discretion.

As of November 25, 2008, PTC has repurchased approximately 586,000 shares at a cost of $8.6 million under the current authorization, of which approximately 301,000 shares at a cost of $3.3M have been purchased since the beginning of FY'09. The current authorization will expire on May 14, 2009.

About PTC

PTC (Nasdaq: PMTC - News) provides leading product lifecycle management (PLM), content management and dynamic publishing solutions to more than 50,000 companies worldwide. PTC customers include the world's most innovative companies in manufacturing, publishing, services, government and life sciences industries. PTC is included in the S&P Midcap 400 and Russell 2000 indices. For more information on PTC, please visit http://www.ptc.com.

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