Arris announces stock buyback program
Arris announced that its board of directors has authorized the repurchase of up to $100 million of the company's common stock.
Arris said the shares will be repurchased in the open market or through block purchases at times and prices considered appropriate by the company. The timing of any purchases and the exact number of shares to be purchased will depend on market conditions.
"We consider a repurchase of our shares to be a sound investment for our company," said Arris CEO and Chairman Bob Stanzione. "The repurchase authorization by our board of directors reflects our strong confidence in the markets that we serve, in the future of Arris and also demonstrates our continuing commitment to pursuing opportunities to create shareholder value."
Arris’ stock dropped Friday morning after it posted an 86 percent decrease in fourth-quarter profit and released a first-quarter forecast beneath Wall Street expectations. Arris attributed the fourth-quarter numbers to fewer orders from Comcast for embedded multimedia terminal adapters (EMTAs), and also cited a backlog of inventory at Comcast for the weaker numbers in the current first quarter (story here).
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