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Zoran Announces $100 Million Stock Repurchase Program
(Market Wire Via Thomson Dialog NewsEdge) SUNNYVALE, CA, March 5 / MARKET WIRE/ --
Zoran Corporation (NASDAQ: ZRAN), a leading
provider of digital solutions for applications in the growing digital
entertainment and digital imaging markets, announced a stock repurchase
program under which Zoran plans to repurchase up to $100 million of
outstanding Zoran common stock.
"We believe a repurchase program is an attractive use of our cash and
underscores our belief in the long-term value of our stock as well as our
commitment to deliver shareholder value," said Levy Gerzberg, Zoran's
President and Chief Executive Officer. "At our current trading levels, our
board of directors believes that Zoran stock presents an attractive
investment for the Company and its shareholders. We are confident that we
can continue to invest in the initiatives that are key to our future
success as well as enhance the value of our company by repurchasing common
stock under this program."
The amount and timing of specific repurchases are subject to market
conditions, applicable legal requirements and other factors, including
management's discretion. Repurchases may be in open-market transactions or
through privately negotiated transactions, and the repurchase program may
be modified, extended or terminated by the board of directors at any time.
There is no guarantee of the exact number of shares that will be
repurchased under the program.
Company Profile
Zoran Corporation, based in Sunnyvale, California, is a leading provider of
digital solutions for applications in the growing digital entertainment and
digital imaging markets. With two decades of expertise developing and
delivering digital signal processing technologies, Zoran has pioneered
high-performance digital audio and video, imaging applications, and Connect
Share Entertain technologies for the digital home. Zoran's proficiency in
integration delivers major benefits for OEM customers, including greater
capabilities within each product generation, reduced system costs, and
shorter time to market. Zoran-based DVD, digital camera, DTV, multimedia
mobile phone, and multifunction printer products have received recognition
for excellence and are now in hundreds of millions of homes and offices
worldwide. With headquarters in the U.S. and operations in Canada, China,
England, Germany, India, Israel, Japan, Korea, and Taiwan, Zoran may be
contacted on the World Wide Web at www.zoran.com or at 408-523-6500.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the
Company's current views with respect to future events. These
forward-looking statements are subject to many risks and uncertainties that
could cause actual results to differ materially from what is expected,
including risks associated with: the rapidly evolving markets for the
Company's products and uncertainty regarding the pace and direction of
development of those markets; cost and timing of new product development;
timing and impact of new product introductions by the Company and its
competitors and transitions away from older products; intense competition
in our markets; reliance on third parties for wafer supplies, product
assembly and testing, and scalable manufacturing capacity; the effects of
changes in revenue and product mix on the Company's gross margins;
dependence on sales to large customers; fluctuations in product mix;
dependence on key personnel; and reliance on international sales and
operations, particularly operations in Israel. Further information
regarding these and other risks and uncertainties can be found in the
Company's most recently filed Annual Report on Form 10-K and other filings
with the SEC.
Zoran and the Zoran logo are trademarks of Zoran Corporation in the United
States and other countries. All other brands or names may be claimed as
property of others.
Zoran Corporation:
Karl Schneider
Chief Financial Officer
(408) 523-6500Email Contact
Company Web Site:www.zoran.com
Bonnie McBride (Investors)
(323) 466-0960Email Contact
Copyright ? 2008 Market Wire, Incorporated
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