Westell Technologies Announces Reactivation of Share Repurchase Program
AURORA, Ill.--(BUSINESS WIRE)-- Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of broadband products, outside plant telecommunications equipment and conferencing services, today announced its intention to reactivate its existing share repurchase program. The company's board of directors previously approved the repurchase of up to an aggregate of $10 million of its Common Stock. Approximately $8.3 million remains available for repurchase under that authorization.
Under the authorized repurchase program, any shares must be purchased on or before March 3, 2010. The plan calls for the repurchases to be made in the open market or through privately negotiated transactions. The timing and amount of any share repurchases will depend upon share price, corporate and regulatory requirements, economic and market conditions and other factors. The repurchase authorization may be modified, suspended or discontinued at any time.
"We are proud of Westell's recent performance, and, at this time, we believe that repurchases of our shares are a good use of cash," said Rick Gilbert, Chairman and Chief Executive Officer. "We remain focused on maintaining Westell's profitability and positive cash flow, and on increasing shareholder value for the long term."
Westell Technologies, Inc., headquartered in Aurora, Illinois, is a holding company for Westell, Inc. and ConferencePlus, Inc. Westell, Inc. designs, distributes, markets and services a broad range of broadband customer premises equipment, digital transmission, remote monitoring, power distribution and demarcation products used by telephone companies and other telecommunications service providers. ConferencePlus, Inc. is a leading global provider of audio, web, video and IP conferencing services. Additional information can be obtained by visiting http://www.westell.com and http://www.conferenceplus.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
Certain statements contained herein that are not historical facts or that contain the words "believe", "expect", "intend", "anticipate", "estimate", "may", "will", "plan", "should", or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, need for financing, economic weakness in the United States economy and telecommunications market, the impact of competitive products or technologies, competitive pricing pressures, product cost increases, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the effect of Westell's accounting policies, the need for additional capital, the effect of economic conditions and trade, legal social and economic risks (such as import, licensing and trade restrictions), retention of key personnel and other risks more fully described in the Company's Form 10-K for the fiscal year ended March 31, 2009 under the section entitled Risk Factors and in other SEC filings. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, or otherwise.
Source: Westell Technologies, Inc.
Released October 27, 2009