Paradyne has 32.99 million shares outstanding. The buyback program could represent up to 5.2% of its outstanding shares. Any repurchased shares will be returned to the company's 'authorized but unissued' shares sector.
The stock opened Sept. 19 on the Nasdaq at $1.56 per share on volume of 8,400. The 52-week high-low is $16.12 and 97 cents. The company has a market capitalization of $50 million.
In a prepared statement, Paradyne says it has shipped 115,000 ports of its ReachDSL solution, allowing carriers to deliver broadband services over most copper lines, even those severely impaired.
Carriers using Paradyne's products are AT&T, Bell Canada, Broadwing, Intermedia, SBC, Sprint, Verizon and WorldCom.
Tampa is 80 miles west of Downtown Orlando.
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