Shares of ARRIS Group, Inc. (ARRS) jumped 19 cents to a Wednesday high of $5.89 after the board of directors announced that it authorized the repurchase of up to $100 million of the company’s stock via an open market repurchase or through block purchases. The timing and number of shares to be purchased will depend on market conditions.

“The repurchase authorization by our board of directors reflects our strong confidence in the markets that we serve, in the future of ARRIS and also demonstrates our continuing commitment to pursuing opportunities to create shareholder value,” Chief Executive Bob Stanzione said.

Wednesday’s announcement and share price rebound just might restore some investor confidence. Shares of ARRIS dipped 23% last week after the company announced disappointing fourth quarter profits. Net income fell to $9.6 million from $70.3 million during the prior-year period, suppressed by higher taxes, according to the company.

ARRIS is a Suwanee-Ga.-based developer of advanced cable telephony, next generation high-speed data, video solutions, operations software and broadband access equipment. Its customers include Time Warner Cable and Comcast. The company, which was founded in 1969, has research & development centers in Atlanta, Chicago, Beaverton, State College, Wallingford, Ireland and China, and operates support and sales offices throughout the world.

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