DALLAS, Sept. 16 /PRNewswire-FirstCall/ -- The Board of
Directors of Texas Instruments Incorporated (TI) (NYSE: TXN) today
authorized the company to repurchase an additional $7.5 billion of its common stock. This is
in addition to the $1.3 billion in
repurchase authorizations remaining at the end of June 2010.
TI plans to repurchase shares at times and prices considered
appropriate by the company. Including today's announcement,
the Board has authorized the repurchase of $27.5 billion of stock since September 2004. The company has reduced the
number of its shares outstanding by 533 million shares, or 31
percent, from September 2004 through
June 2010.
Additionally, the company plans to raise its quarterly cash
dividend $0.01 per common share.
TI's new quarterly dividend will be $0.13 per share of common stock, resulting in
annual dividend payments of $0.52 per
common share.
The new quarterly cash dividend will be payable November 22, 2010, to stockholders of record on
November 1, 2010, contingent upon
formal declaration by the Board of Directors at its regular meeting
in October.
This marks the seventh consecutive year TI has increased its
dividend. The company has paid dividends to its shareholders
on an uninterrupted basis since June 1,
1962.
"These actions are evidence of our company's ongoing commitment
to return value directly to our shareholders," said Rich Templeton, TI chairman, president and chief
executive officer.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
This release includes forward-looking statements intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by phrases
such as TI or its management "believes," "expects," "anticipates,"
"foresees," "forecasts," "estimates" or other words or phrases of
similar import. Similarly, statements herein that describe
TI's business strategy, outlook, objectives, plans, intentions or
goals also are forward-looking statements. All such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
We urge you to carefully consider the following important
factors that could cause actual results to differ materially from
the expectations of TI or its management:
- Market demand for semiconductors, particularly in key markets
such as communications, entertainment electronics and
computing;
- TI's ability to maintain or improve profit margins, including
its ability to utilize its manufacturing facilities at sufficient
levels to cover its fixed operating costs, in an intensely
competitive and cyclical industry;
- TI's ability to develop, manufacture and market innovative
products in a rapidly changing technological environment;
- TI's ability to compete in products and prices in an intensely
competitive industry;
- TI's ability to maintain and enforce a strong intellectual
property portfolio and obtain needed licenses from third
parties;
- Expiration of license agreements between TI and its patent
licensees, and market conditions reducing royalty payments to
TI;
- Economic, social and political conditions in the countries in
which TI, its customers or its suppliers operate, including
security risks, health conditions, possible disruptions in
transportation networks and fluctuations in foreign currency
exchange rates;
- Natural events such as severe weather and earthquakes in the
locations in which TI, its customers or its suppliers operate;
- Availability and cost of raw materials, utilities,
manufacturing equipment, third-party manufacturing services and
manufacturing technology;
- Changes in the tax rate applicable to TI as the result of
changes in tax law, the jurisdictions in which profits are
determined to be earned and taxed, the outcome of tax audits and
the ability to realize deferred tax assets;
- Changes in laws and regulations to which TI or its suppliers
are or may become subject, such as those imposing fees or reporting
or substitution costs relating to the discharge of emissions into
the environment or the use of certain raw materials in our
manufacturing processes;
- Losses or curtailments of purchases from key customers and the
timing and amount of distributor and other customer inventory
adjustments;
- Customer demand that differs from our forecasts;
- The financial impact of inadequate or excess TI inventory that
results from demand that differs from projections;
- The ability of TI and its customers and suppliers to access
their bank accounts and lines of credit or otherwise access the
capital markets;
- Impairments of our non-financial assets;
- Product liability or warranty claims, claims based on epidemic
or delivery failure or recalls by TI customers for a product
containing a TI part;
- TI's ability to recruit and retain skilled personnel; and
- Timely implementation of new manufacturing technologies,
installation of manufacturing equipment and the ability to obtain
needed third-party foundry and assembly/test subcontract
services.
For a more detailed discussion of these factors, see the Risk
Factors discussion in Item 1A of the Company's most recent Form
10-K. The forward-looking statements included in this release
are made only as of the date of this release, and the Company
undertakes no obligation to update the forward-looking statements
to reflect subsequent events or circumstances.
About Texas Instruments
Texas Instruments (NYSE: TXN) helps customers solve problems and
develop new electronics that make the world smarter, healthier,
safer, greener and more fun. A global semiconductor company,
TI innovates through design, sales and manufacturing operations in
more than 30 countries. For more information, go to
www.ti.com.
TXN-F
SOURCE Texas Instruments Incorporated
Copyright . 16 PR Newswire