Globecomm Systems Inc. said its board of directors authorized a stock repurchase of up to $2 million of its outstanding common stock, representing about 450,000 shares, or about 4.9 percent of its total outstanding shares, based on a closing price of $4.44. The buy-back program allows the company to make purchases intermittently on the open market and through privately negotiated transactions. Globecomm designs and installs satellite ground segment systems and networks.
BellSouth Mobility Inc. reported record usage levels during June, July and August on its cellular network in Georgia, exceeding 100 million minutes of airtime for the first time ever. The 100-million-minute mark was surpassed all three months, and usage is up by more than 30 percent since January, BellSouth said. The company’s Georgia market includes Atlanta, Macon and northern Georgia. Atlanta accounted for roughly 90 percent of the monthly totals, said BellSouth. “With school out and people on vacation, summer usage traditionally slows down, but that hasn’t happened this year,” said Glen Estell, vice president and general manager, BellSouth Mobility, Georgia. “Instead, we’ve seen strong, sustained growth in cellular usage.”
Magellan Corp. announced it released a satellite-based handheld messaging device that it said can receive and transmit text messages and e-mail from anywhere in the world. The GSC 100 unit also features Global Positioning System navigation via Orbcomm, allowing users to include GPS-derived position information along with any message or e-mail sent. It retails for about $1,000, plus a one-time activation fee of $50 and monthly service of $30.
Cincinnati Bell Inc. and Convergys Corp. said they will jointly donate $1 million to the National Underground Railroad Freedom Center’s Theodore M. Berry Distinguished Lecture, “A Series on Public Policy and Human Rights.” Berry, Cincinnati’s first African American mayor from 1972 to 1975 and former head of the U.S. Office of Economic Opportunity, was at the ceremony at Convergys’ headquarters where the announcement was made to accept the endowment. “What is good for human relations is good for our shareholders,” said John LaMacchia, president and chief executive officer of Cincinnati Bell.
