RealD licenses its stereoscopic 3D technology to cinema chains. Its offering includes everything from the RealD Format used by content producers to create 3D content, to the eyewear we watch 3D films with in theaters. The company has also provided 3D technologies for the piloting of the Mars Rover and heads-up displays in military jets.
“The repurchase authorization demonstrates our confidence in RealD’s future and our commitment to maximizing shareholder value,” says ReadD Chairman and CEO, Michael V. Lewis, in today’s announcement.
Trading at 11.63 on the NYSE under the RLD ticker symbol at the time of writing, RealD says that as of yesterday, it had approximately $30 million in cash and cash equivalents and unused borrowing capacity was approximately $100 million. The Company has approximately 54.6 million shares of common stock outstanding. Its share buyback will be fuelled by a new $125 million credit facility, also announced today.