JDSU OKs Stock Buyback
MILPITAS, Calif., May 15, 2007 -- 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
- The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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