TAUNTON – Kopin Corporation, a leader in the use of the Wafer Engineering Process in consumer, communications and military technology, recently announced that its board of directors has authorized the repurchase of up to $15 million in Kopin common stock.
The Taunton, Mass.-based company tends to repurchase shares in the open market or through privately negotiated transactions periodically, which are subject to market conditions and other factors and in compliance with certain legal requirements. Under this plan, Kopin is not obligated to acquire any particular amount of common stock, and the plan may be suspended at any time, per the company’s discretion.
“Kopin’s management and board of directors believe that implementing a stock repurchase program represents an opportunity to enhance shareholder value by capitalizing on current market conditions,” said Dr. John C.C. Fan, Kopin’s president and CEO. “Given the company’s strong financial position and product leadership, this program further demonstrates our belief in Kopin’s long-term growth opportunities.”
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Founded in 1984, Kopin supplies the world’s largest electronics manufacturers and government agencies with breakthrough semiconductor products – from dime-sized microdisplays to ultra-efficient transistors – that enhance voice, video and data delivery and presentation, according to a company release.
BJ’s Wholesale cuts third,
fourth quarter forecasts
NATICK – BJ’s Wholesale Club Inc., a warehouse club retailer whose shares have fallen 63 percent this year, cut its fiscal third and fourth-quarter profit forecasts as customers spend less in its stores.
The company expects to earn 16 to 18 cents a share in the third quarter ending Nov. 2, down from its prior estimate of 42 to 44 cents. BJ’s also lowered its fourth quarter forecast to 80 to 82 cents, from 88 to 90 cents, it said in a statement. Its fourth quarter ends Feb. 1.
Pretax costs related to closing two stores in Columbus, Ohio and one in North Dade, Florida that haven’t been making money will lower third-quarter profit by $21 million to $25 million, or about 20 cents a share, the Natick, Mass.-based company said. Same-store sales for the rest of the year are expected to be unchanged to an increase of 1 percent, less than the previous forecast of 3 percent. (Bloomberg News)
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