NEW YORK-Glenayre Technologies Inc. authorized its management Sept. 25 to repurchase up to 2.5 million shares, or 4 percent of the company’s common stock, in addition to the 1.5 million share repurchase completed Sept. 20.
Glenayre’s stock closed on Nasdaq Sept. 25 at $21.38-significantly below its 52-week high of $53.75, but a marked rebound from the 52-week low that Glenayre’s stock hit at the close of trading Sept. 13, the Friday the company announced its anticipation of third quarter earnings would be as much as 45 percent below the same period in 1995.
Acting under a December 1994 authorization by its board of directors, Glenayre also completed a repurchase of 1.5 million shares of its common stock during the week ending Sept. 20. Fewer than 200,000 shares had been repurchased previously under that 1994 authorization.
During the week ending Sept. 20, Glenayre unveiled new products at the Personal Communications Industry Association’s annual trade show in San Francisco. The announcements included a new system that links paging networks to the Internet to receive electronic mail and other messages. The new product announcements reassured jittery investors.
Glenayre, based in Charlotte, N.C., is a worldwide provider of telecommunications equipment and software used by wireless communications carriers.
The company said the repurchased shares will be acquired with corporate funds, and will be held as treasury shares to be used for general corporate purposes.
