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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Newport Corp. Ends Stock Buyback Program

August 30, 2000|Dow Jones

Newport Corp. said Tuesday that it has ended its stock repurchase program after buying more than 1.7 million shares, based on the shares outstanding after a 3-for-1 stock split in May.

The Irvine maker of high-precision components did not disclose how much it spent to reacquire the shares.

The company said in a press release that under the repurchase program approved in 1997, the company was authorized to buy back up to 1.92 million shares. No shares have been bought since August 1999.

A repurchase program typically is aimed at boosting a company's stock price. Three years ago, Newport's stock was trading at $2.75 a share to $5.75. Last October it was trading at less than $6 a share.

But the stock started rising late last year, and has soared this year more than ninefold, hitting a record high of $154 last week before easing off this week. Newport closed at $148 a share Tuesday, down 50 cents in Nasdaq trading.

In a separate press release, Newport said it has received a $1.6-million contract from Picolight Inc. in Boulder, Colo., for assembly workstations. The new AutoAlign Waveguide workstations are expected to be delivered beginning in the fourth quarter. Picolight previously purchased workstations valued at $1 million from Newport.

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