SCIENCE / TECHNOLOGY
Compiled by David Olmos, Times staff writer
Archive Corp., a Costa Mesa manufacturer of personal computer tape drives, said it has completed rebuying 1 million shares of its common stock on the open market. The shares were rebought over 4 months at prices of $6.75 to $8.50 each, the company said.
Archive’s stock, traded over the counter, closed Tuesday at $7.50, down 25 cents.
A statement by Archive Chairman D. Howard Lewis said the company’s “undervalued stock price and the current (market) conditions made the purchase of our stock an attractive investment. We believe that the tape drive market will expand at a faster rate than the overall computer market, and we expect to experience continued strong growth.”
