NAPERVILLE, Ill. -- The Tellabs Board of Directors today authorized a new share repurchase program of up to $300 million of the company's outstanding common stock (about 7% of shares at Friday's closing price). The new authorization follows Tellabs' completion of a $300 million share buyback program announced on February 2, 2005. The new share repurchase program will involve the purchase of common shares from time to time at the prevailing market price.

"We are confident that Tellabs is well-positioned to grow with customers who are industry leaders, in markets that are growing faster than overall capital expenditures," said Krish Prabhu, Tellabs president and chief executive officer. "We believe that the current market price for Tellabs stock does not accurately reflect Tellabs' future prospects."

Separately, Tellabs' share repurchase program authorized in January 2006 under Rule 10b5-1 of the Securities and Exchange Act of 1934, continues. No assurance is given as to the amount of repurchases to be made or the actual purchase prices.

Tellabs Inc. (Nasdaq: TLAB; Frankfurt: BTLA)