SAN JOSE, Calif., Nov. 21, 2011 /PRNewswire/ -- Symmetricom®, Inc.
(NASDAQ:SYMM), a worldwide leader in precision time and frequency
technologies, today announced that its Board of Directors has
authorized an increase to the company's share repurchase program.
Symmetricom is now authorized to repurchase five million
shares of its common stock, or approximately 12 percent of its
current shares outstanding. Prior to this increase, there
were roughly 900,000 shares remaining under its previous share
repurchase program.
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"We believe that Symmetricom's common stock is currently
undervalued in the marketplace. With a strong balance sheet
and cash flow profile, we believe increasing our share buyback is
in the best interest of the company and its stockholders," said
Dave Cote, president and chief
executive officer of Symmetricom.
Symmetricom also announced that it has entered into a
pre-arranged stock trading plan (the "10b5-1 Plan") pursuant to
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), to facilitate the share repurchase program
and to allow the company to repurchase its common stock during
periods in which trading would otherwise be prohibited for the
company. Under the 10b5-1 Plan, Symmetricom's independent
broker has the authority to repurchase the company's shares in the
open market or privately negotiated transactions in accordance with
the terms of the plan, including certain price, volume and timing
constraints, and subject to the limitations set forth in Rule
10b-18 under the Exchange Act. The 10b5-1 Plan covers the
repurchase of shares commencing on or after November 21, 2011 and expires November 23, 2012, unless previously terminated
by the company.
About Symmetricom, Inc.
Symmetricom (NASDAQ:SYMM), a world leader in precise time
solutions, sets the world's standard for time. The company
generates, distributes and applies precise time for the
communications, aerospace/defense, IT infrastructure and metrology
industries. Symmetricom's customers, from communications service
providers and network equipment manufacturers to governments and
their suppliers worldwide, are able to build more reliable networks
and systems by using the company's advanced timing technologies,
atomic clocks, services and solutions. All products support today's
precise timing standards, including GPS-based timing, IEEE 1588
(PTP), Network Time Protocol (NTP), Synchronous Ethernet and
DOCSIS® timing. Symmetricom is based in San Jose, Calif., with offices worldwide. For
more information, visit: http://www.symmetricom.com.
Safe Harbor
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those
sections. These forward-looking statements include statements
about the value of Symmetricom's common stock, Symmetricom's
results of operations, financial condition and cash flows and
expected benefits of the share repurchase program. The
statements in this press release are made as of the date of this
press release, even if subsequently made available by Symmetricom
on its website or otherwise. Symmetricom expressly disclaims
any obligation to update or revise any forward-looking statement
contained herein, whether as a result of a change in its
expectations, a change in any events, conditions or circumstances
on which a forward-looking statement is based, or otherwise.
Symmetricom's actual results could differ materially from
those projected or suggested in these forward-looking statements.
Factors that could cause future actual results to differ
materially from the results projected in or suggested by such
forward-looking statements include, but are not limited to, risks
relating to general economic conditions in the markets we address
and the telecommunications market in general, risks related to the
development of our new products and services, reliance on our
contract manufacturer for the manufacturing previously carried out
at our Puerto Rico facility and by
other third party vendors, the effects of increasing competition
and competitive pricing pressure, uncertainties associated with
changing intellectual property laws, developments in and expenses
related to litigation, inability to obtain sufficient amounts of
key components, the rescheduling or cancellation of key customer
orders, the loss of a key customer, the effects of new and emerging
technologies, the risk that excess inventory may result in
write-offs, price erosion and decreased demand, fluctuations in the
rate of exchange of foreign currency, changes in our effective tax
rate, market acceptance of our new products and services,
technological advancements, undetected errors or defects in our
products, the risks associated with our international sales,
potential short-term investment losses and other risks due to
credit market dislocation, geopolitical risks and risk of terrorist
activities, the risks associated with attempting to integrate other
companies and businesses we acquire, and the risk factors listed
from time to time in Symmetricom's reports filed with the
Securities and Exchange Commission, including Symmetricom's annual
report on Form 10-K for the fiscal year ended July 3, 2011 and subsequent Forms 10-Q and
8-K.
SYMM-F
SOURCE Symmetricom, Inc.