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BlackBerry Announces Share Purchase Program; FY18 Outlook Unchanged

BlackBerry Limited (BBRY,BB.TO) announced it has received acceptance from the Toronto Stock Exchange with respect to a normal course issuer bid to purchase for cancellation up to 31 million BlackBerry common shares, representing approximately 6.4% of the outstanding public float as at May 31, 2017. Purchases under the NCIB may commence on June 27, 2017 and will terminate on June 26, 2018.

"The purpose of this repurchase program is to offset a portion of the expected dilution from our equity incentive plan and from conversion of our 3.75% Debentures," said BlackBerry CEO, John Chen. On June 21, 2017, the shareholders of BlackBerry approved an increase in the number of shares available under the company's equity incentive plan.

Separately, the company reported first-quarter Non-GAAP earnings per share of $0.02. Non-GAAP revenue for the first quarter of fiscal 2018 was $244 million with GAAP revenue of $235 million. Approximately 79% of first-quarter software and services revenue (excluding IP licensing and professional services) was recurring. BlackBerry had over 3,000 enterprise customer orders in the quarter.

John Chen, CEO, stated: "Our outlook for fiscal 2018 is unchanged. We expect growth at or above the overall market in software and services. We also expect to be profitable on a non-GAAP basis and to generate positive free cash flow for the full year, excluding the benefit of the Qualcomm arbitration award."

by RTTNews Staff Writer

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