Ixia Buying Back Stock

The Ixia board of directors approved a stock repurchase program of up to $25 million, the company announced. The board went ahead with the program after reviewing the company’s financial position and cash flow and determined it was in the best interests of the shareholders. “Even with the completion of this buyback, we expect to still have sufficient cash available to meet our strategic goals and objectives,” President and CEO Atul Bhatnagar said. The Calabasas-based maker of performance test systems completed a $50 million stock repurchase program in June. In the third quarter ending Sept. 30, Ixia reported a net income of $483,000, or $0.01 per diluted share, on revenues of $47.3 million. That is a 75 percent drop from the net income of $1.9 million, or $0.03 per diluted share, on revenues of $44 million for the same period in 2007.