Applied Materials Announces New $2 Billion Share Repurchase Program and Cash Dividend
June 09 2016 - 4:30PM
Applied Materials, Inc. today announced that its Board of Directors
has approved a new $2 billion share repurchase program. This
follows the completion of the $3 billion share repurchase program
originally approved by the Board on April 26, 2015.
The Board of Directors also has approved a quarterly cash
dividend of $0.10 per share payable on the company’s common stock.
The dividend is payable on September 15, 2016 to shareholders of
record as of August 25, 2016.
“We are confident in our ability to drive profitable growth as
our strengths in materials engineering enable critical technology
inflections in our markets,” said Robert Halliday, senior vice
president and CFO. “Our new $2 billion share repurchase program and
the dividend demonstrate Applied’s ongoing commitment to deliver
attractive cash returns to shareholders.”
Over the past calendar year, Applied Materials has distributed
more than $3.2 billion in the form of dividends and share
repurchases.
Applied Materials had approximately 1.1 billion shares of common
stock outstanding as of its most recent fiscal quarter end.
Forward-Looking StatementsThis press release
contains forward-looking statements, including statements regarding
Applied’s financial position, cash flow performance, capital
allocation, and investment and growth strategies. These statements
and their underlying assumptions are subject to risks and
uncertainties and are not guarantees of future performance. Factors
that could cause actual results to differ materially from those
expressed or implied by such statements include, without
limitation: the level of demand for our products; global economic
and industry conditions; consumer demand for electronic products;
the demand for semiconductors; customers' technology and capacity
requirements; the introduction of new and innovative technologies,
and the timing of technology transitions; our ability to develop,
deliver and support new products and technologies; the concentrated
nature of our customer base; our ability to expand our current
markets, increase market share and develop new markets; market
acceptance of existing and newly developed products; our ability to
obtain and protect intellectual property rights in key
technologies; our ability to achieve the objectives of operational
and strategic initiatives, align our resources and cost structure
with business conditions, and attract, motivate and retain key
employees; the variability of operating expenses and results among
products and segments, and our ability to accurately forecast
future results, market conditions, customer requirements and
business needs; and other risks and uncertainties described in our
SEC filings, including our most recent Forms 10-K and 8-K. All
forward-looking statements are based on management’s current
estimates, projections and assumptions, and we assume no obligation
to update them.
About Applied MaterialsApplied Materials, Inc.
(Nasdaq:AMAT) is the leader in materials engineering solutions used
to produce virtually every new chip and advanced display in the
world. Our expertise in modifying materials at atomic levels and on
an industrial scale enables customers to transform possibilities
into reality. At Applied Materials, our innovations make possible
the technology shaping the future. Learn more at
www.appliedmaterials.com.
Contact:
Kevin Winston (editorial/media) 408.235.4498
Michael Sullivan (financial community) 408.986.7977
Applied Materials (NASDAQ:AMAT)
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