Archive Will Buy Back Million of Its Own Shares

Joining at least 10 other Orange County companies that are taking advantage of the plunging stock market to buy back their own shares at distress-sale prices, Archive Corp. said it will repurchase up to 1 million of its 12.9 million shares of common stock outstanding.

The Costa Mesa-based firm’s stock repurchase plan was made in response to current stock market conditions, according to D. Howard Lewis, Archive’s chairman and president. He said the stock could be used for employee stock option plans.

Archive is a manufacturer and supplier of cartridge tape drives and related computer controller products.