Symmetricom Announces Increase in Common Stock Repurchase Program to Five Million Shares

SAN JOSE, Calif., Nov. 21, 2011 /PRNewswire/ -- Symmetricom®, Inc. (NASDAQ:SYMM), a worldwide leader in precision time and frequency technologies, today announced that its Board of Directors has authorized an increase to the company's share repurchase program.  Symmetricom is now authorized to repurchase five million shares of its common stock, or approximately 12 percent of its current shares outstanding.  Prior to this increase, there were roughly 900,000 shares remaining under its previous share repurchase program.  

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"We believe that Symmetricom's common stock is currently undervalued in the marketplace.  With a strong balance sheet and cash flow profile, we believe increasing our share buyback is in the best interest of the company and its stockholders," said Dave Cote, president and chief executive officer of Symmetricom.

Symmetricom also announced that it has entered into a pre-arranged stock trading plan (the "10b5-1 Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to facilitate the share repurchase program and to allow the company to repurchase its common stock during periods in which trading would otherwise be prohibited for the company.  Under the 10b5-1 Plan, Symmetricom's independent broker has the authority to repurchase the company's shares in the open market or privately negotiated transactions in accordance with the terms of the plan, including certain price, volume and timing constraints, and subject to the limitations set forth in Rule 10b-18 under the Exchange Act.  The 10b5-1 Plan covers the repurchase of shares commencing on or after November 21, 2011 and expires November 23, 2012, unless previously terminated by the company.

About Symmetricom, Inc.

Symmetricom (NASDAQ:SYMM), a world leader in precise time solutions, sets the world's standard for time. The company generates, distributes and applies precise time for the communications, aerospace/defense, IT infrastructure and metrology industries. Symmetricom's customers, from communications service providers and network equipment manufacturers to governments and their suppliers worldwide, are able to build more reliable networks and systems by using the company's advanced timing technologies, atomic clocks, services and solutions. All products support today's precise timing standards, including GPS-based timing, IEEE 1588 (PTP), Network Time Protocol (NTP), Synchronous Ethernet and DOCSIS® timing. Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit: http://www.symmetricom.com.

Safe Harbor

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections.  These forward-looking statements include statements about the value of Symmetricom's common stock, Symmetricom's results of operations, financial condition and cash flows and expected benefits of the share repurchase program.  The statements in this press release are made as of the date of this press release, even if subsequently made available by Symmetricom on its website or otherwise.  Symmetricom expressly disclaims any obligation to update or revise any forward-looking statement contained herein, whether as a result of a change in its expectations, a change in any events, conditions or circumstances on which a forward-looking statement is based, or otherwise.  Symmetricom's actual results could differ materially from those projected or suggested in these forward-looking statements.  Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include, but are not limited to, risks relating to general economic conditions in the markets we address and the telecommunications market in general, risks related to the development of our new products and services, reliance on our contract manufacturer for the manufacturing previously carried out at our Puerto Rico facility and by other third party vendors, the effects of increasing competition and competitive pricing pressure, uncertainties associated with changing intellectual property laws, developments in and expenses related to litigation, inability to obtain sufficient amounts of key components, the rescheduling or cancellation of key customer orders, the loss of a key customer, the effects of new and emerging technologies, the risk that excess inventory may result in write-offs, price erosion and decreased demand, fluctuations in the rate of exchange of foreign currency, changes in our effective tax rate, market acceptance of our new products and services, technological advancements, undetected errors or defects in our products, the risks associated with our international sales, potential short-term investment losses and other risks due to credit market dislocation, geopolitical risks and risk of terrorist activities, the risks associated with attempting to integrate other companies and businesses we acquire, and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including Symmetricom's annual report on Form 10-K for the fiscal year ended July 3, 2011 and subsequent Forms 10-Q and 8-K.

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SOURCE Symmetricom, Inc.