We design, develop and sell interactive technology products and solutions that enhance learning and enable people to collaborate in innovative and effective ways. We are the global leader in the interactive whiteboard product category, which is the core of our interactive technology solutions. We introduced the world's first interactive whiteboard in 1991 and since then have shipped over 2 million of our SMART Board interactive whiteboards worldwide.
We currently sell our interactive whiteboards primarily through our reseller network to education, business and government customers. In addition, we currently license our optical touch technologies and sell our optical touch components to manufacturers that seek to bring to market interactive touch products beyond interactive whiteboards.
Although we do not often sell to them directly, we consider education, business and government end-users to be our customers. We estimate that the education market contributed approximately 85% of our revenue while the business and government sectors contributed the remainder in fiscal 2010. Examples of our customers in the education sector include the New York City Board of Education, the Orange County Department of Education and Ohio State University. Examples of our customers in the business sector include Cisco Systems, Inc., Ernst & Young, General Electric Company, Microsoft Corporation and Texas Instruments Incorporated. Examples of our customers in the government sector include the National Aeronautics and Space Administration (NASA) and the European Aeronautic Defence and Space Company N.V. (EADS).
SMART commenced trading on July 15, 2010. Morgan Stanley, Deutsche Bank Securities, RBC Capital Markets, BofA Merrill Lynch and Credit Suisse acted as joint bookrunners for the offering. CIBC, Cowen and Company, Piper Jaffray and Stifel Nicolaus Weisel acted as co-managers.
SMART's common shares are dual-listed, trading on the NASDAQ Stock Market under the symbol "SMT" and the Toronto Stock Exchange under the symbol "SMA".
Yes, SMART's Board of Directors approved a share repurchase plan and normal course issuer bid on August 19, 2011. Under the terms of the plan, SMART is authorized to purchase up to 4,000,000 of its Class A Subordinate Voting Shares (the "Class A Shares"), or approximately 9% of the 44,308,596 Class A Shares issued and outstanding on August 18, 2011. The shares may be purchased in the open market at prevailing market prices over a 12-month period commencing August 25, 2011 and ending August 24, 2012. SMART is making the normal course issuer bid because it believes that the market price of its Class A Shares does not reflect their underlying value and that the share repurchase program may provide value by reducing the number of Class A Shares outstanding at attractive prices. Please see SMART's August 19, 2011 media release for further details.
The Company's reporting currency is the U.S. dollar and it reports its consolidated financial results in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
No, the company does not anticipate paying any cash dividends on our Class A Subordinate Voting Shares or our Class B shares in the foreseeable future. We anticipate that we will retain all our available funds for use in the operation of our business. Any future determination to pay cash dividends will be at the discretion of our board of directors and will depend on our financial condition, operating results, current and anticipated cash needs, plans for expansion and other factors that our board of directors considers to be relevant. Our ability to pay dividends is restricted by covenants in our outstanding credit facilities and may be further restricted by covenants in any instruments and agreements that we may enter into in the future.
Our transfer agent in the United States is Computershare Trust Company, N.A., 350 Indiana Street, Suite 800, Golden, Colorado, and in Canada is Computershare Trust Company of Canada at its principal offices at 9th Floor, North Tower, 100 University Avenue, Toronto, Ontario, M5J 2Y1, and at 530 – 8th Avenue SW, Calgary, Alberta, T2P 3S8.
SMART files documents electronically with the Canadian Securities Administrators SEDAR database and with the SEC on EDGAR. To access SMART's public securities filings, either visit the SEDAR website and do a public database search under SMART or go to the SEC website to view SMART's EDGAR filings.
Please contact our transfer agent (Computershare) toll free at 1.800.564.6253 in Canada and the U.S., and the transfer agent representative will send you the necessary documentation to arrange for a replacement certificate.
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