Cabot Microelectronics Corporation Announces $125 Million Share Repurchase Program
November 29 2010 - 8:15PM
Cabot Microelectronics Corporation (NASDAQ: CCMP), the world's
leading supplier of chemical mechanical planarization (CMP)
polishing slurries and growing CMP pad supplier to the
semiconductor industry, today announced that its Board of Directors
has authorized a share repurchase program for up to $125 million of
the company’s outstanding common stock.
The new program will commence following the completion of
the company’s existing $75 million share repurchase
program. The current program has $15 million remaining, which
reflects $10 million of share repurchases in the current quarter.
The new program represents the company’s fourth and largest
repurchase program. 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
our confidence in the long-term value of Cabot Microelectronics and
our ability to continue to generate strong cash flow, throughout
industry and economic cycles," stated William P. Noglows, Cabot
Microelectronics' Chairman and Chief Executive Officer. "Our
robust financial model and effective operating strategy should
allow us to execute this significant program while continuing to
re-invest in our business through research and development, capital
expenditures and acquisitions."
ABOUT CABOT MICROELECTRONICS
CORPORATION
Cabot Microelectronics Corporation, headquartered in Aurora,
Illinois, is the world's leading supplier of CMP polishing slurries
and growing CMP pad supplier to the semiconductor industry. The
company's products play a critical role in the production of
advanced semiconductor devices, enabling the manufacture of
smaller, faster and more complex devices by its customers. The
company's mission is to create value by developing reliable and
innovative solutions, through close customer collaboration, that
solve today's challenges and help enable tomorrow's technology.
Since becoming an independent public company in 2000, the company
has grown to approximately 925 employees on a global basis. 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, contraction or trends; growth or contraction
of the markets in which the company participates; international
events or various economic factors; 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
and investment 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,
2010, filed with the SEC. Cabot Microelectronics assumes no
obligation to update this forward-looking information.
CONTACT: Amy Ford, Director of Investor Relations
630-499-2600
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