Harmonic Plans Buyback, Names New Chairman

SAN JOSE, Calif. -- Harmonic Inc. (HLIT), the worldwide leader in video delivery infrastructure, announced today actions that deliver value to Harmonic shareholders.On April 18, 2013, Harmonic`s Board of Directors approved a modified "Dutch Auction" tender offer to purchase up to $100 million of Harmonic common stock at $5.75 to $6.25 per share, beginning on April 26, 2013. Details of the tender offer are included in a separate press release issued by Harmonic earlier today. In addition, on April 18, 2013, Patrick Gallagher was appointed Chairman of the Board of Directors. Mr. Gallagher succeeds Lewis Solomon, who will retire from the Board prior to the Company`s 2013 Annual Meeting of Stockholders."The tender offer is the result of the Board`s continued evaluation of our capital structure, the appropriate level of cash to run and grow the business, and our free cash flow and balance sheet," said Patrick Harshman, Harmonic`s President and Chief Executive Officer. "With these resources, we have multiple opportunities to drive shareholder value, including investments in strategic growth initiatives and stock repurchases. As the Board continues to evaluate our capital structure and explore ways to effectively use our cash balances to drive shareholder value - and having solicited the input of several major shareholders - the Board concluded that a cash tender offer at this time would be an appropriate mechanism to return capital to shareholders that seek liquidity under current market conditions. At the same time, shareholders who do not participate in the tender offer will share in a higher portion of Harmonic`s future potential."Harmonic Inc.