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JDSU announces $200m stock repurchase program

The board of directors of optoelectronic chip and module maker JDSU Corp of Milpitas, CA, USA has authorized a program to repurchase up to $200m of common stock through open market or private transactions during a two-year period ending 14 May 2010. Timing of repurchases and the number of shares repurchased will depend upon business and financial market conditions.

JDSU has reported five sequential quarters of positive free cash flow and currently has about $1bn of cash on its balance sheet. Also, the firm is receiving more than $60m in relation to a legal settlement announced last quarter. “Based on these factors and current financial market conditions, the board has concluded that a stock repurchase program is appropriate,” says CEO Kevin Kennedy.

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Cree extends and increase stock repurchase program

LED maker Cree Inc of Durham, NC, USA says that its board of directors has approved the extension of its stock repurchase program through the fiscal year ending 28 June 2009.

The board also approved an increase in the number of shares that it is authorized to repurchase under the program to 5 million. The firm has repurchased 1,567,500 shares so far during the current quarter.

Cree expects to use available cash to finance purchases under the program. The program can be implemented through open market or privately negotiated transactions at the discretion of the management. The firm says that it will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors.

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Ascent Solar prices public offering at $14 per share

Ascent Solar Technologies Inc of Littleton, CO, USA, which develops copper indium gallium diselenide (CIGS) thin-film photovoltaic materials and modules , has announced the pricing of a public offering of 3,800,000 shares of its common stock for $14 per share (to raise about $53m, before deducting underwriting discounts and commissions).

Ascent Solar intends to use the net proceeds for the design, purchase, installation, qualification and testing of production tools for about 30MW of rated capacity for the production of thin-film photovoltaic modules, and for general corporate purposes.

A copy of the final prospectus can be obtained from J.P. Morgan Securities Inc, which is serving as managing lead underwriter of the offering.

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