Never mind that Tellabs Inc. lost $1 billion in the third quarter of 2008 – the telecom equipment maker said Thursday its financial situation has improved so much that it can offer a stock buyback program.
Tellabs said it might buy back as much as $100 million worth of shares.
Apparently the company’s cash (including cash equivalents and marketable securities) amounts to $1.2 billion, so it’s using those resources to purchase common shares, starting as early as next Monday.
Tellabs said approximately $487.3 million remains under a $600 million repurchase program authorized by its board in November 2007.
The manufacturer’s stock was going for $3.56 in early afternoon trading Thursday.
