Skyworks Announces New $500 Million Stock Repurchase Program
January 19 2017 - 4:20PM
Business Wire
Skyworks Solutions, Inc. (NASDAQ: SWKS) an innovator of high
performance analog semiconductors connecting people, places and
things, today announced that its Board of Directors has authorized
the repurchase of up to $500 million of the company’s
common stock from time to time prior to January 17, 2019, on the
open market or in privately negotiated transactions, in compliance
with applicable securities laws and other legal requirements. This
newly authorized stock repurchase program replaces in its entirety
the $400 million stock repurchase program that was
approved by the Board of Directors on July 19, 2016, and had
$95 million of repurchase authority remaining.
The timing and amount of any shares of the company’s common
stock that are repurchased under the new repurchase program will be
determined by the company’s management based on its evaluation of
market conditions and other factors. The repurchase program may be
suspended or discontinued at any time. Any repurchased shares will
be available for use in connection with the company’s stock plans
and for other corporate purposes.
The company currently expects to fund the repurchase program
using the company’s working capital. As of December 30, 2016,
the company had cash and cash equivalents of $1.35 billion.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places and things spanning a number of new and
previously unimagined applications within the automotive,
broadband, cellular infrastructure, connected home, industrial,
medical, military, smartphone, tablet and wearable markets.
Skyworks is a global company with engineering, marketing,
operations, sales and support facilities located throughout Asia,
Europe and North America and is a member of the S&P 500® and
Nasdaq-100® market indices (NASDAQ: SWKS). For more information,
please visit Skyworks’ website at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation information
relating to the expectations of Skyworks with respect to the use of
its stock repurchase program. Forward-looking statements can often
be identified by words such as "anticipates," "expects,"
"forecasts," "intends," "believes," "plans," "may," "will," or
"continue," and similar expressions and variations or negatives of
these words. All such statements are subject to certain risks,
uncertainties and other important factors that could cause actual
results to differ materially and adversely from those projected,
and may affect our future operating results, financial position and
cash flows.
These risks, uncertainties and other important factors include,
but are not limited to: the susceptibility of the semiconductor
industry and the markets addressed by our, and our customers’,
products to economic downturns; our reliance on several key
customers for a large percentage of our sales; the volatility of
our stock price; declining selling prices, decreased gross margins,
and loss of market share as a result of increased competition; our
ability to develop, manufacture and market innovative products and
avoid product obsolescence; fluctuations in our manufacturing
yields due to our complex and specialized manufacturing processes;
problems or delays that we may face in shifting our products to
smaller geometry process technologies and in achieving higher
levels of design integration; the quality of our products and any
remediation costs; the availability and pricing of third-party
semiconductor foundry, assembly and test capacity, raw materials
and supplier components; our ability to retain, recruit and hire
key executives, technical personnel and other employees in the
positions and numbers, with the experience and capabilities, and at
the compensation levels needed to implement our business and
product plans; the timing, rescheduling or cancellation of
significant customer orders and our ability, as well as the ability
of our customers, to manage inventory; uncertainties of litigation,
including potential disputes over intellectual property
infringement and rights, as well as payments related to the
licensing and/or sale of such rights; our ability to continue to
grow and maintain an intellectual property portfolio and obtain
needed licenses from third parties; economic, social, military and
geo-political conditions in the countries in which we, our
customers or our suppliers operate, including security and health
risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; changes in laws,
regulations and/or policies that could adversely affect either (i)
the economy and our customers’ demand for our products or (ii) the
financial markets and our ability to raise capital; our ability to
make certain investments and acquisitions, integrate companies we
acquire, and/or enter into strategic alliances; our ability to
prevent theft of our intellectual property, disclosure of
confidential information, or breaches of our information technology
systems; and other risks and uncertainties, including, but not
limited to, those detailed from time to time in our filings with
the Securities and Exchange Commission.
The forward-looking statements contained in this news release
are made only as of the date hereof, and we undertake no obligation
to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Note to Editors: Skyworks and Skyworks Solutions are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and in other countries. All other
brands and names listed are trademarks of their respective
companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20170119006158/en/
Skyworks Solutions, Inc.Media Relations:Pilar
Barrigas(949) 231-3061orInvestor Relations:Mitch Haws(949)
231-3223
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