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MILPITAS--- JDSU Announces $200 Million Common Stock Repurchase Program |
| 5/16/2008 @ 3:56 PM
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JDSU (NASDAQ: JDSU) (TSX: JDU) today announced that its Board of Directors has authorized a program to repurchase up to $200,000,000 of the Company's 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 upon business and financial market conditions.
"JDSU has reported five sequential quarters of positive free cash flow and currently has approximately $1 billion of cash on its balance sheet. Moreover, the Company is receiving in excess of $60 million in relation to a settlement as previously announced on our fiscal Q308 earnings call," said Kevin Kennedy, JDSU's Chief Executive Officer. "Based on these factors and current financial market conditions the Board has concluded that a stock repurchase program is appropriate."
About JDSU
JDSU (NASDAQ: JDSU) (TSX: JDU) enables broadband and optical innovation in the communications, commercial and consumer markets. JDSU is a leading provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. JDSU is a leading provider of innovative optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications. More information is available at www.jdsu.com. |
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