Symmetricom, Inc. Announces Increase to Stock Purchase Program
03 November 2010 - 12:00AM
Business Wire
Symmetricom®, Inc. (NASDAQ: SYMM), a worldwide leader in precise
time and frequency technologies, today announced that on October
28, 2010, the Board of Directors authorized management to
repurchase an additional approximately 1.6 million shares of
Symmetricom common stock. Symmetricom had approximately 0.9 million
shares authorized for repurchase remaining under previously
approved share repurchase programs. Since October 1, 2008, the
Company has repurchased approximately 1.6 million shares of
Symmetricom common stock.
Under the repurchase program, the Company may buy Symmetricom
stock in the open market or through negotiated transactions from
time to time as warranted by market conditions. Shares purchased
under the repurchase program may be held in the Company’s treasury
and used for any lawful purpose or retired. Symmetricom will
determine the timing, the price and the number of shares to be
repurchased under the program. The Company is not obligated to
repurchase any shares, and may terminate the stock repurchase at
any time.
“The ability to repurchase shares is a means for us to return
value to our stockholders,” said Dave Côté, president and CEO of
Symmetricom. “Given the strength of our cash flow and balance
sheet, we believe this is an appropriate use of our cash.”
About Symmetricom, Inc.
Symmetricom (NASDAQ: SYMM), a world leader in precise time
solutions, sets the world’s standard for time. The company
generates, distributes and applies precise time for the
communications, aerospace/defense, IT infrastructure and metrology
industries. Symmetricom’s customers, from communications service
providers and network equipment
manufacturers to governments and
their suppliers worldwide, are able to build more
reliable networks and systems by using the company’s advanced
timing technologies, atomic clocks, services and solutions.
All products support today’s precise timing
standards, including GPS-based timing, IEEE 1588 (PTP),
Network Time Protocol (NTP), Synchronous Ethernet and
DOCSIS® timing. Symmetricom is based in San Jose, Calif., with
offices worldwide. For more information, visit:
www.symmetricom.com.
CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and are subject to the safe harbor created by
those sections. These forward-looking statements include statements
concerning Symmetricom’s future business. Symmetricom’s actual
results could differ materially from those projected or suggested
in these forward-looking statements. Factors that could cause
future actual results to differ materially from the results
projected in or suggested by such forward-looking statements
include the risk factors listed from time to time in Symmetricom’s
reports filed with the Securities and Exchange Commission,
including the annual report on Form 10-K for the fiscal year
ended June 27, 2010 and subsequent current reports on
Form 8-K. Any and all forward-looking statements we make may
turn out to be wrong. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made.
SYMM-F
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