Cypress's Board of Directors Authorizes New $400 Million Stock Buyback Program
September 20 2011 - 8:00AM
Business Wire
Cypress Semiconductor Corp. (Nasdaq:CY) today announced that its
board of directors has authorized a new $400 million stock
repurchase program for Cypress’s common stock. In October 2010, the
board authorized a $600 million repurchase program which has now
been completed. The new 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 authorization will depend on a variety of factors
including the market price of the company's common stock,
regulatory, legal, and contractual requirements, corporate cash
generation 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 the discretion
of Cypress’s board of directors.
At the end of the second quarter of 2011, Cypress had
approximately 170.3 million shares outstanding. In the current
quarter, Cypress has repurchased approximately 18.3 million common
shares.
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 and the Cypress logo, PSoC, PowerPSoC, CapSense,
TrueTouch and West Bridge are registered trademarks of Cypress
Semiconductor Corporation.
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