Southpointe-based engineering simulation company Ansys approved replenishment of its authorized share repurchase program to 3 million shares. There is no expiration date for the program.
During the 2013 fiscal year, Ansys repurchased 1.5 milion shares of its common stock at an average price of $77.73 per share. In fiscal year 2012, the company repurchased 1.5 million shares at an average price of $63.65.
In a news release company CEO Jim Cashman said the program will support the company's long-term growth strategy.
"Our first priority is to continue to invest in the business to capitalize on growth opportunities in existing and potential future markets around the world. At the same time, ANSYS's solid financial performance, and the strength of our balance sheet, gives us both the confidence and the flexibility to opportunistically execute this share repurchase program," Mr. Cashman said.