The communications equipment maker said its board approved the repurchase of up to $300 million in common stock. As of March 2008 the company had approximately $80 million remaining under its previous buyback plan. The timing and amount of the repurchases will depend on market conditions. As of March 2008, the company had about 88.5 million shares outstanding.

The Pleasanton, Calif.- based company reported first-quarter revenue of $258.9 million, compared to $192.7 million for the first quarter of 2007. The company experienced net income of $14.2 million, or 16 cents a share, an increase of 39% from $10.2 million or 11 cents a share in the same period last year. During the quarter the company repurchased $60 million worth of its own common stock.

"With our new and incremental $300M share repurchase program announced today, we reaffirm our confidence in the long term value of the company and our continued focus on enhancing shareholder value," said Robert Hagerty, chairman and CEO.

Analysts at Kaufman Bros reiterated their buy rating on Polycom because they see upside potential in the stock. They mention that with $352 million in free cash at the end of the first quarter, the company can easily handle the buyback. The analysts believe the current stock price provides an attractive entry point into a leader in the video conferencing market who should exhibit strong growth over
the next several years.

Polycom PLCM
provides video conferencing; 16x cash flow

Poised for growth. Curious to see how much further it will climb

eeb 31.15

Technology focus. I like the potential of video services as a means of communication. Potential for being acquired. Good Management and strong growth potential. Beating competition.

Downgraded by Wedbush Morgan from Buy to Hold

Downgraded by Kaufman Bros from Buy to Hold

World provider of video & voice communications equipment that recently purchased Beijing based equipment mfg, enabling it to be a US/China player in global mkt.

maker of all those conference call phones that you see everywhere along with other video conferencing equipment - has been running well

This is the company that CSCO should buy out. They know video conferencing better than anyone. Teamed up with a networking expert like CSCO is just a match made in heaven.

missed opportunities