5/16/2003 - Mercury Computer Systems, Inc. (NASDAQ: MRCY) announced that its Board of Directors has authorized an increase to the Company’s current share repurchase program. The Board increased the authorization to repurchase up to $25 million of the Company’s currently outstanding common stock. The initial authorization, announced on October 15, 2002, provided for the repurchase of up to $12.5 million.
Through March 31, 2003, the Company had repurchased a total of 186,600 shares of its common stock under the repurchase program for $5.7 million. The Company currently has approximately 21.1 million shares of common stock outstanding.
Repurchases of the Company’s common stock may be made from time to time at management’s discretion on the open market at prevailing market prices or in privately negotiated transactions. Whether any further repurchases will be made, and the number of shares repurchased, will depend upon the availability of shares at acceptable prices. Repurchased shares will become authorized but unissued shares and will be used for general corporate purposes, including the issuance of shares in connection with the Company’s employee stock option and purchase plans, and other general corporate purposes.
About Mercury Computer Systems, Inc.
Mercury Computer Systems, Inc. (NASDAQ: MRCY) is the leading producer of high-performance embedded, real-time digital signal and image processing computer systems. Mercury’s products play a critical role in a wide range of applications, transforming sensor data to information for analysis and interpretation. In military reconnaissance and surveillance platforms the company’s systems process real-time radar, sonar, and signals intelligence data. Mercury’s systems are also used in state-of-the-art medical diagnostic imaging devices including MRI, CT, PET, and digital X-ray, and in semiconductor imaging applications including photomask generation and wafer inspection.
Based in Chelmsford, Massachusetts, Mercury serves customers in North America, Europe and Asia through its direct sales force and a network of subsidiaries and distributors.
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