KFAR SAVA, Israel, May 2, 2019 /PRNewswire/ -- Silicom Ltd.
(NASDAQ: SILC) today announced that its Board of Directors has
authorized a one-year share repurchase plan allowing the Company to
invest up to $15 million to
repurchase its ordinary shares. The timing and actual number of
shares repurchased will depend on a variety of factors, including
price, and general business and market conditions. The share
repurchase plan authorizes management to repurchase ordinary shares
using a variety of methods, including open market purchases, all in
compliance with the rules of the United States Securities and
Exchange Commission and other applicable legal requirements.
Repurchases will be funded from available working capital. The
share repurchase plan does not obligate Silicom to buy back any
specific number of shares and may be suspended or terminated at any
time at management's discretion.
Mr. Avi Eizenman, Silicom's
Founder and Chairman of the Board, commented, "This buyback
reflects the record cash flow and strong profitability that we
generated during 2018, which has boosted our available funds
significantly, together with our ongoing commitment to creating
shareholder value.
"In general, our long-term growth is being driven by some of the
Cloud/Service Provider market's hottest trends and the strong need
for our unique performance-boosting products in the new SD-WAN,
Edge and Cloud Data Center infrastructures. With the impressive
roster of Design Wins that we have already achieved, together with
a fat pipeline of additional potential wins ahead of us, we remain
very optimistic regarding our long-term prospects."
About Silicom
Silicom Ltd. is an
industry-leading provider of high-performance networking and data
infrastructure solutions. Designed primarily to improve performance
and efficiency in Cloud and Data Center environments, Silicom's
solutions increase throughput, decrease latency and boost the
performance of servers and networking appliances, the
infrastructure backbone that enables advanced Cloud architectures
and leading technologies like NFV, SD-WAN and Cyber Security. Our
innovative solutions for high-density networking, high-speed fabric
switching, offloading and acceleration, which utilize a range of
cutting-edge silicon technologies as well as FPGA-based solutions,
are ideal for scaling-up and scaling-out cloud infrastructures.
Silicom products are used by major Cloud players, service
providers, telcos and OEMs as components of their infrastructure
offerings, including both add-on adapters in the Data Center and
stand-alone virtualized/universal CPE devices at the edge.
Silicom's long-term, trusted relationships with more than 150
customers throughout the world, its more than 400 active Design
Wins and more than 300 product SKUs have made Silicom a "go-to"
connectivity/performance partner of choice for technology leaders
around the globe.
For more information, please visit: www.silicom.co.il
Statements in this press release which are not historical data
are forward-looking statements which involve known and unknown
risks, uncertainties, or other factors not under the company's
control, which may cause actual results, performance, or
achievements of the company to be materially different from the
results, performance, or other expectations implied by these
forward-looking statements. These factors include, but are not
limited to, Silicom's increasing dependence for substantial revenue
growth on a limited number of customers in the evolving
cloud-based, SD-WAN, NFV and Edge markets, the speed and extent to
which solutions are adopted by these markets, likelihood that
Silicom will rely increasingly on customers which provide solutions
in these evolving markets, resulting in an increasing dependence on
a smaller number of larger customers, difficulty in commercializing
and marketing of Silicom's products and services, maintaining and
protecting brand recognition, protection of intellectual property,
competition and other factors detailed in the company's periodic
filings with the Securities and Exchange Commission. These
forward-looking statements can generally be identified as such
because the context of the statement will include words, such as
"expects," "should," "believes," "anticipates" or words of similar
import. Similarly, statements that describe future plans,
objectives or goals are also forward-looking statements. In light
of significant risks and uncertainties inherent in forward-looking
statements, the inclusion of such statements should not be regarded
as a representation by the company that it will achieve such
forward-looking statements. The company disclaims any duty to
update such statements, whether as a result of new information,
future events, or otherwise.
Company
Contact:
Eran Gilad,
CFO
Silicom
Ltd.
Tel:
+972-9-764-4555
E-mail:
erang@silicom.co.il
|
Investor Relations
Contact:
Ehud Helft /
Gavriel Frohwein
GK Investor
Relations
Tel: +1 646 668
3559
E-mail:
silicom@gkir.com
|
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SOURCE Silicom Ltd