Paradyne Buying Back $1 Mil in Stock

TAMPA, FL-Paradyne Networks Inc. of suburban Largo, FL, a provider of digital subscriber line services used in high-rise office buildings, plans to buy back up to $1 million of its common stock over the next 12 months. The buyback price will be based on the Sept. 11 closing price of $1.72.

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.