[January 19, 2017] |
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Skyworks Announces New $500 Million Stock Repurchase Program
Skyworks Solutions (News - Alert), Inc. (NASDAQ: SWKS) an innovator of high performance
analog semiconductors connecting people, places and things, today
announced that its Board of Directors has authorized the repurchase of
up to $500 million of the company's common stock from time to time prior
to January 17, 2019, on the open market or in privately negotiated
transactions, in compliance with applicable securities laws and other
legal requirements. This newly authorized stock repurchase program
replaces in its entirety the $400 million stock repurchase program that
was approved by the Board of Directors on July 19, 2016, and had $95
million of repurchase authority remaining.
The timing and amount of any shares of the company's common stock that
are repurchased under the new repurchase program will be determined by
the company's management based on its evaluation of market conditions
and other factors. The repurchase program may be suspended or
discontinued at any time. Any repurchased shares will be available for
use in connection with the company's stock plans and for other corporate
purposes.
The company currently expects to fund the repurchase program using the
company's working capital. As of December 30, 2016, the company had cash
and cash equivalents of $1.35 billion.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are connecting
people, places and things spanning a number of new and previously
unimagined applications within the automotive, broadband, cellular
infrastructure, connected home, industrial, medical, military,
smartphone, tablet and wearable markets.
Skyworks is a global company with engineering, marketing, operations,
sales and support facilities located throughout Asia, Europe and North
America and is a member of the S&P 500® and Nasdaq-100® market indices
(NASDAQ: SWKS). For more information, please visit Skyworks' website at: www.skyworksinc.com.
Safe Harbor Statement
This news 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 include without limitation information relating to the
expectations of Skyworks with respect to the use of its stock repurchase
program. Forward-looking statements can often be identified by words
such as "anticipates," "expects," "forecasts," "intends," "believes,"
"plans," "may," "will," or "continue," and similar expressions and
variations or negatives of these words. All such statements are subject
to certain risks, uncertainties and other important factors that could
cause actual results to differ materially and adversely from those
projected, and may affect our future operating results, financial
position and cash flows.
These risks, uncertainties and other important factors include, but are
not limited to: the susceptibility of the semiconductor industry and the
markets addressed by our, and our customers', products to economic
downturns; our reliance on several key customers for a large percentage
of our sales; the volatility of our stock price; declining selling
prices, decreased gross margins, and loss of market share as a result of
increased competition; our ability to develop, manufacture and market
innovative products and avoid product obsolescence; fluctuations in our
manufacturing yields due to our complex and specialized manufacturing
processes; problems or delays that we may face in shifting our products
to smaller geometry process technologies and in achieving higher levels
of design integration; the quality of our products and any remediation
costs; the availability and pricing of third-party semiconductor
foundry, assembly and test capacity, raw materials and supplier
components; our ability to retain, recruit and hire key executives,
technical personnel and other employees in the positions and numbers,
with the experience and capabilities, and at the compensation levels
needed to implement our business and product plans; the timing,
rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage inventory;
uncertainties of litigation, including potential disputes over
intellectual property infringement and rights, as well as payments
related to the licensing and/or sale of such rights; our ability to
continue to grow and maintain an intellectual property portfolio and
obtain needed licenses from third parties; economic, social, military
and geo-political conditions in the countries in which we, our customers
or our suppliers operate, including security and health risks, possible
disruptions in transportation networks and fluctuations in foreign
currency exchange rates; changes in laws, regulations and/or policies
that could adversely affect either (i) the economy and our customers'
demand for our products or (ii) the financial markets and our ability to
raise capital; our ability to make certain investments and acquisitions,
integrate companies we acquire, and/or enter into strategic alliances;
our ability to prevent theft of our intellectual property, disclosure of
confidential information, or breaches of our information technology
systems; and other risks and uncertainties, including, but not limited
to, those detailed from time to time in our filings with the Securities
and Exchange Commission.
The forward-looking statements contained in this news release are made
only as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Note to Editors: Skyworks and Skyworks Solutions are trademarks or
registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in
the United States and in other countries. All other brands and names
listed are trademarks of their respective companies.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170119006158/en/
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