Pixelworks to buy back shares

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TUALATIN, Ore. -- Pixelworks Inc. says its board has approved a a $10 million stock repurchase plan.

The company develops technology for flat-panel displays and digital projectors.

It says the plan lets the company buy back the stock over the next 12 months. Pixelworks will pay for the repurchases with available working capital.

The president and chief executive of Pixelworks, Hans Olsen, says the repurchase program reaffirms the company's "confidence and optimism" in the long-term future of the company.

The company says that as of June 30, it had about $110 million in cash, cash equivalents and short-term marketable securities. As of Friday it had about 49 million shares of outstanding common stock.
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