Varian Semiconductor Amends Its Existing Stock Repurchase Program
April 24 2008 - 8:50AM
Marketwired
GLOUCESTER, MA today announced that its Board of Directors
amended its stock repurchase program by increasing the amount of
funds that may be expended in repurchasing Varian Semiconductor's
common stock from $700,000,000 to $800,000,000. To date, cash
expenditures have amounted to approximately $653,000,000. Subject
to the $800,000,000 limitation, of which approximately $147,000,000
remains available for repurchases, the timing and quantity of any
stock repurchases will be at the sole discretion of Varian
Semiconductor.
The stock repurchases may be made from time to time on the open
market. The timing and amount of any shares repurchased will be
determined by Varian Semiconductor's management based on its
evaluation of market conditions and other factors. Repurchases may
also be made under a Rule 10b5-1 plan, which would permit shares to
be repurchased when Varian Semiconductor might otherwise be
precluded from doing so under insider trading laws. The repurchase
program may be suspended or discontinued at any time. Any
repurchased shares will be available for use in connection with its
stock plans and for other corporate purposes. The repurchase
program will be funded using Varian Semiconductor's working
capital.
About Varian Semiconductor
Varian Semiconductor Equipment Associates is the leading
supplier of ion implant equipment to semiconductor manufacturers,
enabling them to pack more, higher performing transistors into
computer chips that are revolutionizing the electronics industry.
Varian Semiconductor's products are used by chip manufacturers
worldwide to produce high-performance semiconductor devices.
Customers have made Varian Semiconductor the market leader in ion
implant because of its architecturally superior products that lower
their costs and improve their productivity. The Company has ranked
#1 in the VLSI Research Customer Satisfaction Survey 10 times over
the last 11 years. Varian Semiconductor operates globally and is
headquartered in Gloucester, Massachusetts. More information can be
found on Varian Semiconductor's web site at www.vsea.com.
Note: This release contains forward-looking statements for
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. For this purpose, the statements
concerning the Company's stock repurchase program are
forward-looking statements. There are a number of important risks
and factors that could cause actual events to differ materially
from those suggested or indicated by such forward-looking
statements. These include, among others, volatility in the
semiconductor equipment industry; economic conditions in general
and as they affect the Company's customers; significant
fluctuations in the Company's quarterly operating results; the
impact of rapid technological change; the Company's dependence on
the development and introduction of new products; the Company's
concentration on ion implantation systems and related products;
concentration in the Company's customer base and lengthy sales
cycles; the highly competitive market in which the Company
competes; the risks associated with international sales; foreign
currency risks; and general economic conditions; and other factors
identified in the Company's Annual Report on Form 10-K, and the
most recent Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission. The Company cannot guarantee
any future results, levels of activity, performance or achievement.
The Company undertakes no obligation to update any of the
forward-looking statements after the date of this press
release.
Contacts: Bob Halliday Executive Vice President Chief Financial
Officer 978.282.7597 or Tom Baker Vice President of Finance
978.282.2301
Varian (NASDAQ:VSEA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Varian (NASDAQ:VSEA)
Historical Stock Chart
From Jul 2023 to Jul 2024