News

11 July 2008

 

JDSU completes $200m stock repurchase program

Optoelectronic chip and module maker JDSU Corp of Milpitas, CA, USA has completed its $200m stock repurchase program.

On 15 May, the board of directors authorized a program to repurchase up to $200m of common stock through open market or private transactions during a two-year period ending 14 May 2010.

The program was based on the fact that JDSU has reported five sequential quarters of positive free cash flow, yielding about $1bn of cash on its balance sheet. Also, the firm was due to receive more than $60m in relation to a legal settlement announced last quarter.

JDSU said at the time that timing of repurchases and the number of shares repurchased would depend upon business and financial market conditions.

The firm has since repurchased a total of 17,235,900 shares. The total number of outstanding shares is now 214,369,793.

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