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10 December 2008


Kopin announces stock repurchase program

Kopin of Taunton, MA, USA, which makes III-V heterojunction bipolar transistor (HBT) epiwafers and CyberDisplay LCDs, says that its board of directors has authorized the repurchase of up to $15m of the firm's common stock, financed with available cash.

“We believe our stock is currently undervalued,” says president & CEO Dr John C.C. Fan. On 5 December, the firm's share price closed at $1.96 per share. “We see this repurchase program as a prudent use of capital that underscores our commitment to building long-term value for our shareholders,” he adds. With nearly $92m in cash and equivalents on its balance sheet as of 27 September and no long-term debt, Kopin reckons that it has ample financial resources to fund the program while continuing to execute its growth strategy. “At the same time, we recognize that maintaining a strong cash position is essential in light of the global economic environment, so we want to assure shareholders that our repurchase program will be implemented judiciously,” Fan says.

The firm plans to buy shares in the open market or through privately negotiated transactions from time to time, subject to market conditions and other factors and in compliance with applicable legal requirements. The plan does not obligate Kopin to acquire any particular amount of common stock, and can be suspended at any time at the firm’s sole discretion. Kopin has about 67.8 million shares of common stock outstanding.

See related items:

Kopin reports record revenue, despite III-Vs weakening

Kopin’s steady III-V revenues compensate for drop in CyberDisplays

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