Westell sets new $2 million stock buyback

AURORA - Westell Technologies' board of directors has authorized a new stock repurchase program of up to $2 million of its Class A common stock.

The timing and amount of stock repurchases will be determined by management at its discretion and will depend on a number of factors including market conditions, regulatory requirements, and other factors. The program calls for the repurchases to be made in the open market or through privately negotiated transactions.

There is no guarantee as to the amount of stock that will be repurchased, and the repurchase program may be extended, suspended, or discontinued at Westell's discretion at any time without notice.

"Westell's strong balance sheet and the success of our recent expense structure reset enables us to return value to stockholders through stock repurchases. At the same time, we can continue investing in new growth opportunities, such as the emerging in-building wireless public safety communication market," said Tom Minichiello, senior vice president and chief financial officer. "Westell's management team and board of directors believes in our long-term prospects and is committed to efficient capital deployment as demonstrated by this new authorization."

The company's previously approved stock repurchase program remains in effect. That program has approximately $113,000 of remaining availability.