Vari-L Company Announces Stock Repurchase
Program
DENVER, Sept. 21 /PRNewswire/ -- Vari-L Company, Inc. (Nasdaq: VARL - news), a leading provider of advanced
components for the wireless telecommunications industry, today announced that its Board of Directors has authorized the
repurchase of shares of Vari-L's common stock.
Dave Sherman, president and CEO, said the Board viewed the recent downturn in the market price of Vari-L's stock as an
opportunity to acquire shares at attractive levels for corporate purposes, including a possible contribution to the Company's
employee profit sharing plan. Timing of the repurchases will be at the discretion of management.
''The Board has approved purchases of up to $100,000 in the near term for contribution to our profit sharing plan, with an
additional $200,000 in purchases authorized over the next several months at management's option,'' Sherman said. ''We will
not be able to make the additional purchases authorized by the Board unless these lower prices persist for a substantial period
of time. Any later purchases would be taken into treasury for corporate purposes.''
Vari-L has consistently reported record sales and earnings each year since its IPO in 1994. At the mid-year point of 1998 the
Company reported record sales of $8.4 million and net income that increased 91% to $1.2 million, or 23 cents per diluted
share.
Through its headquarters in Denver, Vari-L designs, manufactures and markets a wide range of radio and microwave
frequency signal source and processing components used in the wireless telecommunications industry for both commercial and
military applications. Vari-L serves a diverse customer base comprised of some of the world's leading technology companies,
including Ericsson, Hughes, IBM, Lockheed Martin, Lucent Technologies, Magnavox, Mitsubishi, Motorola, NEC, Nokia,
Northern Telecom, QUALCOMM, Raytheon, Samsung, and Texas Instruments.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements
cannot be guaranteed as they are subject to a variety of risks, including but not limited to securities market conditions in general
and the market for the Company's common stock in specific, the success of the products into which the Company's products
are integrated, governmental action relating to wireless communications licensing and regulation, internal projections as to the
demand for certain types of technological innovation, competitive products and pricing, the success of new product
development efforts, the timely release for production and the delivery of products under existing contracts, future economic
conditions generally, as well as other factors.
SOURCE: Vari-L Company, Inc.
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