Ixia Completes Share Repurchase

Test systems provider Ixia completed a $50 million share repurchase program, the company announced. Buying the shares gives the Calabasas-based company an attractive use of capital, said President and CEO Atul Bhatnagar. “At recent stock prices and applicable interest rates, we believe that repurchasing these shares will likely be accretive to earnings,” Bhatnagar said. Since starting the buy back in August 2007, Ixia has purchased 6.3 million shares at an average price of $7.99 per share. During the current quarter beginning on April 1, Ixia reported that it had repurchased approximately 4.3 million of its shares for a total of $32.6 million, at an average purchase price of $7.64 per share. Shares of Ixia closed up at $7.98.