EVERETT — Intermec Inc. plans to repurchase about $75 million of its outstanding shares, a measure intended to protect the company against a harsh economic climate.
The Everett-based information and bar-code technology company announced Monday it will purchase the stock with cash, cash equivalents and short-term investments. Intermec ended the first quarter of 2010 with about $225 million in cash.
The company had about 62 million shares of common stock outstanding as of April 23.
Intermec Chief Executive Patrick Byrne said the move reflects confidence in the company’s financial health.
Intermec reported a $3.6 million loss in the first-quarter of this year, when revenue fell about 8 percent.
The company’s stock dropped 1.91 percent in trading Monday, ending the day at $10.27.
Read Amy Rolph’s small-business blog at www.heraldnet.com/TheStorefront. Contact her at 425-339-3029 or arolph@heraldnet.com.
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