JDSU OKs Stock Buyback

JDSU said today its board has authorized a program to repurchase up to $200,000,000 of its common stock through open market or private transactions during a two-year period ending May 14, 2010. Timing of repurchases and the number of shares repurchased will depend on business and financial market conditions, the company said in a statement.

"JDSU has reported five sequential quarters of positive free cash flow and currently has approximately $1 billion of cash on its balance sheet," said Kevin Kennedy, JDSU's CEO. "Moreover, the company is receiving in excess of $60 million in relation to a settlement as previously announced on our fiscal Q308 earnings call. Based on these factors and current financial market conditions, the board has concluded that a stock repurchase program is appropriate."

For more information, visit: www.jdsu.com