Incomnet to Buy Back Up to 500,000 Shares of Stock

Incomnet, a Westlake Village operator of computer networks, said its directors authorized the company’s repurchase of up to 500,000 shares of Incomnet’s common stock.

The stock would be bought back in periodic purchases over the next 12 months. The stock closed Monday at $1.03 a share in over-the-counter trading; at that price, the buyback would be valued at $515,000.

The directors authorized the repurchase plan because they believe the stock is “undervalued at the present time,” said Incomnet, which has about 13 million total shares outstanding.