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November 18, 1997updated 03 Sep 2016 2:30pm

STRUGGLING SGI BUYS BACK ITS OWN SHARES

By CBR Staff Writer

Silicon Graphics Inc, the Californian high-end server company, has decided to take action on the issue of its vanishing stock value. The company has announced it is ready to re-purchase up to 10 million of its own shares, starting this month, in a re-vamped buy back scheme. The full 10 million shares represents around 8% of the company’s current float on the New York Stock Exchange. The shares are trading down at $14 from a 52 week high of over $30 in September. News of increased losses (up to $56m in the first quarter) and restructuring in forthcoming quarters has seen the price bottom out.

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