InterDigital Announces Increases of Regular Quarterly Cash Dividend and Stock Buyback Authorization
September 14 2017 - 5:19PM
InterDigital, Inc. (NASDAQ:IDCC), a mobile technology research and
development company, today announced that its Board of Directors
has approved an increase in the company's quarterly cash dividend
to $0.35 per share ($1.40 per share on an annual basis), as well as
increased its existing stock repurchase program by $100 million.
The increase in the regular quarterly cash dividend
will take effect beginning with the dividend to be paid in fourth
quarter 2017. The Board of Directors also declared a regular
quarterly cash dividend of $.35 per share on its common stock,
payable on October 25, 2017 to shareholders of record at the close
of business on October 11, 2017.
The company’s Board of Directors authorized a $300
million stock repurchase program in June 2014, and in June 2015
increased the authorization to $400 million. Today’s increase
brings the total authorization under the program to $500
million. From June 2014 through today, InterDigital has
bought back 6.7 million shares for approximately $314 million,
leaving a total of approximately $186 million remaining under the
authorization.
“InterDigital’s success signing license agreements
with top handset companies has resulted in clear visibility over
strong future cash flows, as outlined on the most recent earnings
call,” said S. Douglas Hutcheson, Chairman of InterDigital. “The
company continues to implement a balanced approach to capital
allocation, designed to return value to shareholders while
providing the company with the capital necessary to continue to
shape the industry with ground-breaking research.”
About
InterDigital®
InterDigital develops mobile technologies that are
at the core of devices, networks, and services worldwide. We solve
many of the industry's most critical and complex technical
challenges, inventing solutions for more efficient broadband
networks and a richer multimedia experience years ahead of market
deployment. InterDigital has licenses and strategic relationships
with many of the world's leading wireless companies. Founded in
1972, InterDigital is listed on NASDAQ and is included in the
S&P MidCap 400® index.
InterDigital is a registered trademark of
InterDigital, Inc.
For more information, visit:
www.interdigital.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements include
information regarding our current beliefs, plans and expectations,
including, without limitation: (i) our plans to pay a regular
quarterly cash dividend of $0.35 per share; (ii) our plans to
repurchase stock; and (iii) our expectation of strong future cash
flows. Words such as “expect,” “plan,” “project,” and variations of
any such words or similar expressions are intended to identify such
forward-looking statements.
Forward-looking statements are subject to risks and
uncertainties. Actual outcomes could differ materially from those
expressed in or anticipated by such forward-looking statements due
to a variety of factors, including, without limitation, those
identified in this press release, as well as the following: (i)
changes in the market share and sales performance of our primary
licensees, delays in product shipments of our licensees, delays in
the timely receipt and final reviews of quarterly royalty reports
from our licensees, delays in payments from our licensees and
related matters; (ii) the resolution of current legal proceedings,
including any awards or judgments relating to such proceedings,
additional legal proceedings, changes in the schedules or costs
associated with legal proceedings or adverse rulings in such legal
proceedings; (iii) changes or inaccuracies in market projections;
(iv) changes in the company's business strategy; and (v) an
increase in the company's cash needs or a decrease in available
cash or the company's inability to declare a dividend in compliance
with applicable laws. We undertake no duty to update publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as may be required by applicable
law, regulation or other competent legal authority.
InterDigital Contact:Patrick Van
de WilleEmail: patrick.vandewille@interdigital.com +1 (858)
210-4814
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