Radyne ComStream Board Authorizes up to $10 Million Stock Repurchase
08 June 2004 - 10:31AM
PR Newswire (US)
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/
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