Wednesday, February 4, 2009

CSP board OKs another stock buyback plan

By Mass High Tech staff

Information technology systems and service provider CSP Inc. says that it plans to buy back up to 350,000 shares of its common stock, now that its board of directors has authorized the repurchase program.

Billerica-based CSP (Nasdaq: CSPI) has approximately 53,000 shares authorized to repurchase under a previous stock repurchase program. Stock purchases under the new program will be made when management deems it appropriate, officials said. CSP has about 3.75 million shares of common stock outstanding.

Last month, CSP landed $700,000 to provide BAE Systems with digital signal processing systems. Under the deal, Billerica-based CSP’s (Nasdaq: CSPI) multicomputer division is providing BAE Systems’ Burlington facility with its FastCluster 2000 series digital signal processing platforms.

CSP’s systems use industry-standards, open-source Linux software and optimized libraries intended to enable efficient management of time and resources, according to the company.

Two years ago, CSP faced delisting of its shares from the Nasdaq Stock Market for missing a filing deadline. The company at the time also reported a rise in net income on higher sales in 2006.

Founded in 1968, CSP provides IT services for commercial, scientific and defense customers worldwide. The company reported a 2008 loss of $410,000 on revenue of $76.8 million.