Deswell Industries, Inc. Announces Share Repurchase Program.HONG KONG--(BUSINESS WIRE)--Oct. 16, 1998--Deswell Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM:DSWLF) today announced that its Board of Directors has approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program to buy up to an aggregate of 500,000 Common Shares in the open market from time to time at prevailing market prices in accordance with SEC Rule 10b-18. The Company plans to use existing cash balances to finance the repurchases. Richard Lau, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Deswell Industries stated, "Considering our strong cash position and book value per share, coupled with management's confidence in the long term performance of Deswell, we believe that the repurchase of common shares provides an attractive investment for the Company and is in the best interest of our shareholders." Deswell manufactures injection-molded plastic parts and components and electronic products and subassemblies and metallic products for original equipment manufactures ("OEM's") and contract manufactures at its factories in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The Company produces a wide variety of plastic parts and components used in the manufacture of consumer and industrial products; printed circuit board assemblies using surface mount ("SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management "), and pin-through hole ("PHT PHT Phenytoin (antiepileptic, Dilantin) PHT Pulmonary Hypertension PhT Pharmacy Technician PHT Post-Harvest Technology PHT Pattern History Table PHT Pressure Half Time PHT Public Health Trust ") interconnection technologies; and finished products such as telephones, telephone answering machines, sophisticated studio-quality audio equipment and computer peripherals. The Company's customers include Mita Industries (H.K.) Limited, Namtai Electronic (Shenzhen) Co. Ltd., Inter-Tel Incorporated, Behringer Holdings (Pte) Ltd., Vtech Communications Ltd., Prod-Art Company Limited and Shakespeare (H.K.) Limited. |
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