Cabot Microelectronics Corporation Announces $75 Million Share Repurchase Program
January 23 2008 - 6:45AM
Business Wire
Cabot Microelectronics Corporation (Nasdaq: CCMP), the world�s
leading supplier of chemical mechanical planarization (CMP)
polishing slurries to the semiconductor industry, today announced
that its Board of Directors has authorized a share repurchase
program for up to $75 million of the company�s outstanding common
stock. The company completed its previously authorized $40 million
share repurchase program during its first quarter of fiscal 2008,
which ended December 31, 2007. Over the past three and a half
years, the company has repurchased $65 million dollars of its stock
through two separate repurchase programs. Similar to the previous
programs, the new program is expected to be funded from the
company�s available cash balance. Share repurchases will be made
from time to time, depending on market conditions, in open market
transactions, at management�s discretion. "The decision to increase
the investment in our shares reflects the Board�s confidence in the
long-term value of Cabot Microelectronics and our ability to
continue to generate strong cash flow,� stated William P. Noglows,
Cabot Microelectronics' Chairman and Chief Executive Officer. �Our
robust financial model and prudent operating strategy should allow
us to execute this significant program while continuing to
re-invest in our business through research and development,
acquisitions and capital expenditures.� ABOUT CABOT
MICROELECTRONICS CORPORATION Cabot Microelectronics Corporation,
headquartered in Aurora, Illinois, is the world's leading supplier
of CMP slurries used in semiconductor and data storage
manufacturing. The company's products play a critical role in the
production of the most advanced semiconductor devices, enabling the
manufacture of smaller, faster and more complex devices by its
customers. Since becoming an independent public company in 2000,
the company has grown to approximately 750 employees on a global
basis. The company's vision is to become the world leader in
shaping, enabling and enhancing the performance of surfaces, so the
company is leveraging its expertise in CMP slurry formulation,
materials and polishing techniques developed for the semiconductor
industry and applying it to demanding surface modification
applications in other industries where shaping, enabling and
enhancing the performance of surfaces is critical to success. For
more information about Cabot Microelectronics Corporation, visit
www.cabotcmp.com or contact Amy Ford, Director of Investor
Relations at (630) 499-2600. SAFE HARBOR STATEMENT This news
release may include statements that constitute "forward looking
statements" within the meaning of federal securities regulations.
These forward-looking statements include statements related to:
future sales and operating results; company and industry growth or
trends; growth of the markets in which the company participates;
international events; product performance; the generation,
protection and acquisition of intellectual property, and litigation
related to such intellectual property; new product introductions;
development of new products, technologies and markets; the
acquisition of or investment in other entities; uses of the
company�s cash balance; and the construction of facilities by Cabot
Microelectronics Corporation. These forward-looking statements
involve a number of risks, uncertainties, and other factors,
including those described from time to time in Cabot
Microelectronics' filings with the Securities and Exchange
Commission (SEC), that could cause actual results to differ
materially from those described by these forward-looking
statements. In particular, see "Risk Factors" in the company�s
annual report on Form 10-K for the fiscal year ended September 30,
2007, filed with the SEC. Cabot Microelectronics assumes no
obligation to update this forward-looking information.
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