Cypress’s Board of Directors Authorizes $600 Million Stock Buyback Program
October 21 2010 - 8:00AM
Business Wire
Cypress Semiconductor Corp. (Nasdaq:CY) today announced that its
board of directors has authorized a $600 million repurchase of
Cypress’s common stock. The authorization allows Cypress to
purchase its common stock or to enter into equity derivative
transactions related to its common stock. The timing and actual
amount expended with the new authorized funds will depend on a
variety of factors including the market price of the company's
common stock, regulatory, legal, and contractual requirements, and
other market factors. The program does not obligate Cypress to
repurchase any particular amount of common stock and the program
may be modified or suspended at any time at Cypress’s
discretion.
“This stock buyback authorization reflects the board’s continued
confidence in Cypress’s strategic direction, strong cash flow and
ongoing commitment to maximizing shareholder value,” said Cypress’s
Executive Vice President of Finance and CFO, Brad Buss.
At the end of the third quarter, Cypress had approximately 161
million basic shares outstanding and approximately $424 million in
cash, cash equivalents and short term investments.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable
solutions that provide customers with rapid time-to-market and
exceptional system value. Cypress offerings include the flagship
PSoC® programmable system-on-chip families and derivatives such as
PowerPSoC® solutions for high-voltage and LED lighting
applications, CapSense® touch sensing and TrueTouch™ solutions for
touchscreens. Cypress is the world leader in USB controllers,
including the high-performance West Bridge® solution that enhances
connectivity and performance in multimedia handsets. Cypress is
also a leader in high-performance memories and programmable timing
devices. Cypress serves numerous markets including consumer, mobile
handsets, computation, data communications, automotive, industrial
and military. Cypress trades on the Nasdaq Global Select Market
under the ticker symbol CY. Visit Cypress online at
www.cypress.com.
Certain statements in this press release including, but not
limited to, statements relating to the timing, extent and success
of any stock repurchases, our ability to modify or suspend the
program and our expectations of strategic direction, cash flow and
shareholder value, are forward-looking statements that are subject
to risks and uncertainties that could cause the results of the
stock repurchase to be materially different than our expectations.
Important factors that could cause our actual results to differ
materially include: fluctuations in the market price of the
company's common stock, regulatory, legal, and contractual
requirements, the level of employee option grants and exercises and
resulting dilution therefrom; and other market factors, including
the state of and future of the global economy, business conditions
and growth trends in the semiconductor market; as well as other
factors detailed from time to time in the periodic reports Cypress
files with the Securities and Exchange Commission. These
forward-looking statements are not guarantees of future performance
and speak only as of the date hereof, and Cypress disclaims any
obligation to update these forward-looking statements to reflect
future events or circumstances.
Cypress, the Cypress logo, CapSense, PSoC, PowerPSoC and West
Bridge are registered trademarks and SmartSense, CapSense Plus,
PSoC Designer and TrueTouch are trademarks of Cypress Semiconductor
Corp. All other trademarks are property of their owners.
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