Tollgrade Extends Share Repurchase Program: Increases Number of Shares Repurchasable to One Million

Apr 19, 2001, 01:00 ET from Tollgrade Communications, Inc.

    PITTSBURGH, April 19 /PRNewswire/ --
 Tollgrade Communications, Inc. (Nasdaq: TLGD) announced its Board of Directors
 has authorized the continuation of a share repurchase program it first started
 in 1997.  Under the current extension, the company may repurchase a total of
 one million shares of its common stock before December 31, 2001.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990920/TLGDLOGO )
     Since the initial repurchase program was instituted in April of 1997, the
 company has repurchased 382,400 shares of common stock.  This number has been
 adjusted to take into account the increased number of shares made available as
 the result of a two-for-one stock split in March 2000.  The repurchased shares
 are authorized to be utilized under certain employee benefit programs.
     The number of shares the company intends to purchase and the time of such
 purchases will be determined by the company, at its discretion. The company
 will use existing cash and short-term investments to finance the purchases.
     Tollgrade Communications, Inc., designs, engineers, markets and supports
 test system, test access and status monitoring products for the
 telecommunications and cable television industries.  Tollgrade, which is
 headquartered in a suburb of Pittsburgh, recorded 2000 revenues of
 $114.4 million. The company maintains a presence in regions across the United
 States and in the United Kingdom.  Tollgrade's World Wide Web address is
 www.tollgrade.com.
 
     Statements included here, which are not historical in nature, are forward-
 looking statements made pursuant to the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995, including without limitation,
 statements as to management's beliefs, strategies, plans, expectations or
 opinions in connection with company performance, which are based on a number
 of assumptions concerning future conditions that may ultimately prove to be
 inaccurate.
     The forward-looking statements must be qualified by important factors that
 could cause actual earnings and other results to differ materially from those
 achieved in the past or those expected by the company. These include:
 customers' ability to meet established purchase forecasts and their own growth
 projections; the ability of certain customers to maintain financial strength
 and access to capital; the ability for sales and marketing partners to meet
 their own performance objectives and provide vendor financing to certain local
 exchange carriers; rapid technological change along with the need to
 continually develop new products; the company's focus on a relatively narrow
 range of products; competition; the company's dependence on key employees and
 the ability to continue to recruit appropriate personnel; difficulties in
 managing the company's growth; the company's dependence upon certain customers
 and certain suppliers and contract manufacturers; potential consolidation and
 combinations within the company's customers; the company's dependence upon
 proprietary rights; risks of third party claims of infringement; and
 government regulation.  Statements included here speak as of the date of this
 release, and the company disclaims any duty to update.
 
 

SOURCE Tollgrade Communications, Inc.
    PITTSBURGH, April 19 /PRNewswire/ --
 Tollgrade Communications, Inc. (Nasdaq: TLGD) announced its Board of Directors
 has authorized the continuation of a share repurchase program it first started
 in 1997.  Under the current extension, the company may repurchase a total of
 one million shares of its common stock before December 31, 2001.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990920/TLGDLOGO )
     Since the initial repurchase program was instituted in April of 1997, the
 company has repurchased 382,400 shares of common stock.  This number has been
 adjusted to take into account the increased number of shares made available as
 the result of a two-for-one stock split in March 2000.  The repurchased shares
 are authorized to be utilized under certain employee benefit programs.
     The number of shares the company intends to purchase and the time of such
 purchases will be determined by the company, at its discretion. The company
 will use existing cash and short-term investments to finance the purchases.
     Tollgrade Communications, Inc., designs, engineers, markets and supports
 test system, test access and status monitoring products for the
 telecommunications and cable television industries.  Tollgrade, which is
 headquartered in a suburb of Pittsburgh, recorded 2000 revenues of
 $114.4 million. The company maintains a presence in regions across the United
 States and in the United Kingdom.  Tollgrade's World Wide Web address is
 www.tollgrade.com.
 
     Statements included here, which are not historical in nature, are forward-
 looking statements made pursuant to the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995, including without limitation,
 statements as to management's beliefs, strategies, plans, expectations or
 opinions in connection with company performance, which are based on a number
 of assumptions concerning future conditions that may ultimately prove to be
 inaccurate.
     The forward-looking statements must be qualified by important factors that
 could cause actual earnings and other results to differ materially from those
 achieved in the past or those expected by the company. These include:
 customers' ability to meet established purchase forecasts and their own growth
 projections; the ability of certain customers to maintain financial strength
 and access to capital; the ability for sales and marketing partners to meet
 their own performance objectives and provide vendor financing to certain local
 exchange carriers; rapid technological change along with the need to
 continually develop new products; the company's focus on a relatively narrow
 range of products; competition; the company's dependence on key employees and
 the ability to continue to recruit appropriate personnel; difficulties in
 managing the company's growth; the company's dependence upon certain customers
 and certain suppliers and contract manufacturers; potential consolidation and
 combinations within the company's customers; the company's dependence upon
 proprietary rights; risks of third party claims of infringement; and
 government regulation.  Statements included here speak as of the date of this
 release, and the company disclaims any duty to update.
 
 SOURCE  Tollgrade Communications, Inc.

RELATED LINKS

http://www.tollgrade.com