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Paradyne Buying Back $1 Mil in Stock

TAMPA, FL-The leading developer of carrier-class, high-speed computer network solutions used in high-rise office buildings has 33 million shares outstanding on the Nasdaq.

By Alex Finkelstein | Updated on September 19, 2001

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.

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