Tessco Technologies (TESS) Announces Large Repurchase of Stock
More News related to TESS
- TESSCO Technologies Incorporated Schedules Second Quarter Earnings Release and Conference Call
- TESSCO Technologies (TESS) Raises Full-Year Guidance
- TESSCO Expects Record Second Quarter Earnings per Share
- Stoner Cleaning Products Enhance the Breadth and Depth of TESSCO's Total Source Offering
- TESSCO Technologies Named Top Tech Communicator in Recent Study
TESSCO Technologies Incorporated (Nasdaq: TESS) reported that it has repurchased all 470,000 shares of its common stock held by Brightpoint in a privately negotiated transaction.
Pursuant to today's agreement, TESSCO has purchased all of Brightpoint's share holdings, 470,000 shares, or approximately 9% of the Company's total outstanding common stock, for $13.64 per share, or a total of $6,410,800. The purchase will be funded through available cash and borrowings under the Company's revolving credit facility. As of the close of business on June 27, 2008, TESSCO had approximately $5.0 million of net cash on hand and no borrowings outstanding on its $50 million revolving line of credit. The Company expects that this transaction will be accretive to earnings per share for the current fiscal year.
TESSCO Technologies Incorporated is a provider of the product and supply chain solutions needed to build, operate and use wireless systems. TESSCO is committed to delivering, fast and complete, the product needs of wireless system operators, program managers, contractors, resellers, and self-maintained utility, transportation, enterprise and government organizations.
Related Categories
Corporate NewsStock Buybacks
Stocks Mentioned
+0.31Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
