(Corrects to remove attribution to Acme Packet in paragraph 3
and clarifies that the calculation of the number of shares that
could be repurchased was based on the stock's closing price on
July 12 Network gear maker Acme Packet Inc
said it would buy back $200 million of its shares over
the next twelve months.
Acme Packet shares, which have fallen 78 percent over the
last year, rose 8 percent in after-market trading.
The company, which had $401.3 million in cash and
equivalents at March end, could repurchase about 12.8 million of
its common shares based on the stock's Thursday closing price of
$15.61 on the Nasdaq.
Acme Packet, which has a market value of $1.05 billion, had
about 68.3 million shares outstanding as of March 31.
The company, whose customers include AT&T Inc, Verizon
Communications Inc and Sprint Nextel Inc, last week
forecast quarterly results below expectations, and warned of
weakness in its North American business.
(Reporting by Chandni Doulatramani in Bangalore; Editing by