RealD Buys Back 50 M$ of its Own Stock
RealD, the manufacturer of the well known 3D stereoscopic technology used in so many cinemas, has announced that it plans to buy back $50 million worth of its common stock, currently traded on the New York Stock Exchange.
RealD licenses its stereoscopic 3D technology to cinema chains. Its offering includes everything from the RealD Format used by content producers to create 3D content, to the eyewear we watch 3D films with in theaters (and that a folk on Flickr put on his dog's nose).
RealD provided 3D technologies for the piloting of the Mars Rover and heads-up displays in military jets. “The repurchase authorization demonstrates our confidence in RealD’s future and our commitment to maximizing shareholder value,” says ReadD Chairman and CEO, Michael V. Lewis, in today’s announcement. Trading at 11.63 $ on the NYSE under the RLD ticker symbol, RealD has approximately $30 million in cash and equivalents; its unused borrowing capacity is approximately $100 million. The Company has approximately 54.6 million shares of common stock outstanding. Its share buyback will be fuelled by a new $125 million credit facility, also announced today.