Silicon Motion Extends Share Repurchase Program for Additional 12 Months
October 26 2020 - 8:00AM
Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon
Motion” or the “Company”), a global leader in designing and
marketing NAND flash controllers for solid state storage devices,
announces today the extension of the Company’s current share
repurchase program for an additional 12 months.
The Company’s current $200 million 2-year share
repurchase program was announced on November 21, 2018. As of the
third quarter of 2020, $84.8 million has been used to repurchase
2.4 million ADSs, equivalent to approximately 7% of total shares
outstanding, and $115.2 million remains unused under the program.
The Board of Directors of the Company has authorized the extension
of the expiration of this program to November 21, 2021.
“In addition to our annual dividend, our share
repurchase program is another important component of returning
capital to our shareholders,” said Wallace Kou, President and CEO
of Silicon Motion. “We are committed to opportunistically
repurchasing our shares when we believe our equity value may not
accurately reflect the company’s future prospects.”
About Silicon
Motion:We are the global leader in
supplying NAND flash controllers for solid state storage devices
and the merchant leader in supplying SSD controllers. We have
the broadest portfolio of controller technologies and our
controllers are widely used in storage products such as SSDs and
eMMC+UFS devices, which are found in data centers, PCs,
smartphones, and commercial and industrial applications. We have
shipped over six billion NAND controllers in the last ten years,
more than any other company in the world. We also supply
customized high-performance hyperscale data center and industrial
SSD solutions. Our customers include most of the NAND flash
vendors, storage device module makers and leading OEMs. For
further information on Silicon Motion, visit us at
www.siliconmotion.com.
Forward-Looking Statements:This
press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In some cases, you can identify forward-looking statements by
terminology such as "may," "will," "should," "expect," "intend,"
"plan," "anticipate," "believe," "estimate," "predict,"
"potential," "continue," or the negative of these terms or other
comparable terminology. Although such statements are based on our
own information and information from other sources we believe to be
reliable, you should not place undue reliance on them. These
statements involve risks and uncertainties, and actual market
trends or our actual results of operations, financial condition or
business prospects may differ materially from those expressed or
implied in these forward-looking statements for a variety of
reasons. Potential risks and uncertainties include, but are not
limited to the unpredictable volume and timing of customer orders,
which are not fixed by contract but vary on a purchase order basis;
the loss of one or more key customers or the significant reduction,
postponement, rescheduling or cancellation of orders from these
customers; general economic conditions or conditions in the
semiconductor or consumer electronics markets; the effects on our
business and our customer’s business taking into account the
ongoing US-China tariffs and trade disputes together with any
uncertainties associated with the ongoing global outbreak of
COVID-19; decreases in the overall average selling prices of our
products; changes in the relative sales mix of our products;
changes in our cost of finished goods; the payment, or non-payment,
of cash dividends in the future at the discretion of our board of
directors and any announced planned increases in such dividends;
changes in our cost of finished goods; the availability, pricing,
and timeliness of delivery of other components and raw materials
used in our customers' products; our customers' sales outlook,
purchasing patterns, and inventory adjustments based on consumer
demands and general economic conditions; any potential impairment
charges that may be incurred related to businesses previously
acquired or divested in the future; our ability to successfully
develop, introduce, and sell new or enhanced products in a timely
manner; and the timing of new product announcements or
introductions by us or by our competitors. For additional
discussion of these risks and uncertainties and other factors,
please see the documents we file from time to time with the
Securities and Exchange Commission, including our Annual Report on
Form 20-F filed on June 12, 2020. We assume no obligation to update
any forward-looking statements, which apply only as of the date of
this press release.
Investor Contact: |
Investor Contact: |
Christopher Chaney |
Selina Hsieh |
Director of Investor Relations & Strategy |
Investor Relations |
E-mail: CChaney@siliconmotion.com |
E-mail: ir@siliconmotion.com |
|
|
Media Contact: |
|
Sara Hsu |
|
Project Manager |
|
E-mail: sara.hsu@siliconmotion.com |
|
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