Radyne Corp (MM) (NASDAQ:RADN)
Historical Stock Chart
From Dec 2019 to Dec 2024
Radyne ComStream Board Authorizes up to $10 Million Stock
Repurchase
PHOENIX, June 7 /PRNewswire-FirstCall/ -- Radyne ComStream Inc. (Nasdaq: RADN;
RADNW), today announced that the Company plans to repurchase up to $10 million
of the Company's common stock. At current prices, the repurchase program could
include as much as 7% of the currently available shares. The repurchase
program, which was approved by the Company's Board of Directors, directs the
Officers of the Company to purchase shares of the common stock on the open
market from time to time, as the officers deem appropriate, and to retire the
shares purchased under the program. The program will be financed with cash on
hand.
"We are implementing this repurchase plan in light of the recent decline in the
market value of our shares, which we believe presents a good investment
opportunity for us," said Bob Fitting, CEO. "This program should enhance
shareholder value by supporting our earnings per share."
About Radyne ComStream
Radyne ComStream designs, manufactures, sells, integrates and installs
products, systems and software used for the transmission and reception of data
and video over satellite, microwave and cable communication networks. The
Company, through the Tiernan subsidiary, is a supplier of HDTV and SDTV
encoding and transmission equipment. The Armer subsidiary provides innovative
solutions for the integration and installation of turnkey communications
systems. Radyne ComStream is headquartered in Phoenix, Arizona, has
manufacturing facilities in Phoenix and San Diego, and sales offices in
Singapore, Beijing, Jakarta and London. The Company also has sales and/or
service centers in Sao Paulo, Bangalore, Shanghai and Moscow. For more
information visit our web site at http://www.radn.com/.
Contact: Malcolm Persen, Chief Financial Officer, 602.437.9620
Safe Harbor Paragraph for Forward-Looking Statements
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company's management believes the expectations reflected
in such forward-looking statements are based on reasonable assumptions, it can
give no assurance that its expectations will be attained. There can be no
assurance, for example, that the Company will complete the buyback of all $10
million worth of stock, or that if it does, that the buyback will be accretive
to the earnings per share. In addition, the market for and price of the
Company's stock is affected by various other factors relating to the Company,
including the overhang associated with the Company's outstanding warrants;
industry, competitive and technological changes; risks associated with
international operations and foreign currency fluctuations; the composition,
timing and size of orders from and shipments to major customers; inventory
obsolescence; market acceptance of new products and other risks detailed from
time to time in the Company's SEC reports, including the Company's most recent
Form 10-K and subsequent Form 10-Qs.
Forward-looking statements speak only as of the date the statement was made.
The Company does not undertake and specifically disclaims any obligation to
update any forward-looking statements. In addition, the Company does not
endorse any projections regarding future performance that may be made by third
parties.
DATASOURCE: Radyne ComStream Inc.
CONTACT: Malcolm Persen, Chief Financial Officer of Radyne ComStream
Inc., +1-602-437-9620
Web site: http://www.radn.com/