Qualstar Corporation (ticker: QBAK, exchange: NASDAQ Global Market (.O))
News Release -
Qualstar Announces Stock Repurchase Program
SIMI VALLEY, Calif., Feb 12, 2003 (BUSINESS WIRE) -- Qualstar(R) Corporation
(Nasdaq:QBAK), a leading manufacturer of automated tape storage solutions,
announced today that its Board of Directors has authorized a repurchase of up to
500,000 shares of the company's common stock.
Shares will be repurchased from time to time as market conditions warrant
through open market transactions, block purchases, private transactions or other
means. The share repurchase will be funded by available working capital. As of
December 31, 2002, Qualstar had in excess of $35 million in cash, cash
equivalents and marketable securities, and approximately 12.7 million shares
outstanding. No time limit has been set for the completion of the stock
repurchase program and it may be discontinued at any time.
"We believe that our stock represents excellent long-term value," said William
J. Gervais, chief executive officer and president. "A repurchase reduces the
dilutive impact of shares issued for options and reflects our confidence in the
company's business strategy, cash flow generation and growth prospects."
About Qualstar Corporation
Qualstar is a leading manufacturer of automated tape libraries used for backup,
archival storage, data protection, disaster recovery and storage management
systems. Its libraries are known throughout the world for their rugged, Simply
Reliable design yielding years of trouble-free operation. Qualstar tape
libraries are sold, installed, and supported worldwide by selected Original
Equipment Manufacturers, Value Added Resellers, and Systems Integrators.
Qualstar Corporation is publicly traded on the NASDAQ Stock Exchange under the
symbol QBAK. More information is available at www.qualstar.com or by phone at
Statements in this press release concerning the future business, operating
results and financial condition of the Company are "forward-looking" statements
as defined in the Private Securities Litigation Reform Act of 1995. Such
statements are based upon management's current expectations and are subject to a
number of uncertainties that could cause actual performance and results to
differ materially from the results discussed in the forward-looking statements.
Factors that could affect the Company's actual results include unexpected
shortages of critical components, unexpected product design or quality problems,
and adverse changes in market demand for tape libraries or Qualstar's products.
The Company undertakes no obligation to publicly update any forward-looking
statements whether as a result of new information, future events or otherwise.
Further information on these and other potential factors that could affect the
Company's financial results or condition are included in Qualstar's filings with
the Securities and Exchange Commission.
Frederic T. Boyer, 805/583-7744
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.