KING OF PRUSSIA, Pa.-Wireless technology vendor InterDigital Communications Corp. announced it plans to repurchase up to 1 million shares of the company’s outstanding common stock. The company said it plans to buy back the shares from time to time through open-market purchases or prearranged plans, and the amount and timing of purchases will vary due to market factors.
InterDigital also said it will redeem all of its $2.50 cumulative convertible preferred stock outstanding as of June 15.
“The board of directors’ decision to repurchase another million common shares and redeem the outstanding preferred stock reflects our continued confidence in the company’s future,” said Harry Campagna, chairman of InterDigital’s board. “We repurchased 2 million shares in 2003 and remain convinced that additional investment in our own common stock is a very appropriate one.”
The company’s stock was up slightly after the news to $17.48 per share.
