Entropic Announces $30 Million Stock Repurchase Program
September 26 2013 - 4:47PM
Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions
for the connected home, today announced its Board of Directors has
authorized a share repurchase program under which up to $30 million
worth of the Company's common stock may be repurchased.
"We are pleased to announce this stock buyback authorization,
which reflects the Board's ongoing commitment to maximizing
shareholder value and continued confidence in Entropic's long-term
strategic direction," said Entropic's Chief Financial Officer,
David Lyle. "Entropic's strong balance sheet allows it to return
cash to shareholders through this repurchase program while
maintaining the financial flexibility to fund R&D, reinvest in
the business and opportunistically pursue attractive growth
opportunities."
Purchases under the repurchase program may be made until
September 30, 2014, through open market or privately negotiated
transactions, block trades or otherwise. Purchases will be made
from time to time at Entropic's discretion and the timing and
amount of any share repurchases will be determined based on share
price, market conditions, legal requirements, including applicable
securities laws and other factors. The share repurchase program
does not obligate Entropic to acquire any particular amount of
common stock, and it may be suspended or discontinued at any time.
In order to ensure compliance with Federal securities laws, the
company does not anticipate repurchases to commence until after
October 31, 2013.
At the end of the second quarter of 2013, Entropic had
approximately 90 million shares outstanding and approximately $166
million in cash, cash equivalents and short-term investments.
About Entropic
Entropic™ (Nasdaq:ENTR) is a world leader in semiconductor
solutions for the connected home. The Company transforms how
traditional HDTV broadcast and IP-based streaming video content is
seamlessly, reliably, and securely delivered, processed, and
distributed into and throughout the home. Entropic's
next-generation Set-top Box (STB) System-on-a-Chip (SoC) and
Connectivity solutions enable Pay-TV operators to offer consumers
more captivating whole-home entertainment experiences by
transforming the way digital entertainment is delivered, connected
and consumed – in the home and on the go. For more information,
visit Entropic at: www.entropic.com.
The Entropic logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4255
Forward-Looking Statements
Statements in this press release that are not strictly
historical in nature constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
regarding our expectations for Entropic's strategic direction and
cash flows, as well as our potential share repurchase activity.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause Entropic's actual
results to be materially different from historical results or from
any results expressed or implied by such forward-looking
statements. These factors include, but are not limited to those
discussed in the "Risk Factors" section of Entropic's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2013. All
forward-looking statements are qualified in their entirety by this
cautionary statement. Entropic is providing this information as of
the date of this release and does not undertake any obligation to
update any forward-looking statements contained in this release as
a result of new information, future events or otherwise.
CONTACT: Investor Contact:
Debra Hart
+1 858.768.3852
debra.hart@entropic.com
Media/Industry Analyst Contact:
Chris Fallon
+ 1 858.768.3827
chris.fallon@entropic.com
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