News Article
Kopin Announces Stock Repurchase Program
The firm’s Board of Directors has authorized the repurchase of up to $15 million of the Company's common stock.
Kopin intends to finance the repurchase program with available cash. The Company 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 Company's sole discretion. Kopin has approximately 64.9 million shares of common stock outstanding. On December 7, 2010, the Company's common stock closed at $4.18 per share.
"We believe that this repurchase program represents an efficient use of capital and an additional opportunity to build long-term value for our shareholders," said Kopin President and CEO John C.C. Fan. "With $110 million in cash and equivalents as of September 25, 2010, and no long-term debt, we have ample resources to fund this program while maintaining the financial flexibility to invest in our growth initiatives. 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."
Kopin Corporation produces lightweight, power-efficient III-V products, including heterojunction bipolar transistors (HBTs). The Company's HBTs, which help to enhance battery life, talk time and signal clarity, have been integrated into billions of wireless handsets as well as into WiFi, VoIP and high-speed Internet data transmission systems. Kopin's proprietary display and III-V technologies are protected by more than 200 global patents and patents pending.
