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Dense-Pac Board OKs Stock Repurchase Plan

O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

December 07, 2000|Dow Jones

Dense-Pac Microsystems Inc. said its board authorized the repurchase of up to 500,000 shares, or 2.5% of the Garden Grove company's common stock outstanding.

Dense-Pac, which provides high-density electronic design and manufacturing systems, said it will buy back the shares from time to time over the next year at prevailing prices in the open market, subject to market conditions.

The stock, which has lost nearly 63% of its value this year, closed Wednesday at $3, up 34 cents a share, in Nasdaq trading.

The directors' decision "underscores our belief that Dense-Pac's shares are currently trading at an attractive value," Ted Bruce, Dense-Pac's president and chief executive, said in a press release.

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