10 December 2010

Kopin announces $15m stock repurchase program

Kopin Corp 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.

Kopin plans to buy shares in the open market or through privately negotiated transactions from time to time over the next 24 months, 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 64.9 million shares of common stock outstanding. On 7 December, its common stock closed at $4.18 per share.

“This repurchase program represents an efficient use of capital and an additional opportunity to build long-term value for our shareholders,” believes president & CEO Dr John C.C. Fan. “With $110m in cash and equivalents as of 25 September and no long-term debt, we have ample resources to fund this program while maintaining the financial flexibility to invest in our growth initiatives,” he adds. “At the same time, we remain committed to maintaining a strong balance sheet, and want to assure shareholders that we will implement this repurchase program judiciously.”

See related items:

Kopin’s III-V growth slows in Q3 to 4.4%

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Visit: www.kopin.com

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