Cypress Semiconductor Corp. (Nasdaq:CY) today announced that its board
of directors has authorized a new $400 million stock repurchase program
for Cypress's common stock. In October 2010, the board authorized a $600
million repurchase program which has now been completed. The new
authorization allows Cypress to purchase its common stock or to enter
into equity derivative transactions related to its common stock. The
timing and actual amount expended with the new authorization will depend
on a variety of factors including the market price of the company's
common stock, regulatory, legal, and contractual requirements, corporate
cash generation and other market factors. The program does not obligate
Cypress to repurchase any particular amount of common stock and the
program may be modified or suspended at any time at the discretion of
Cypress's board of directors.
At the end of the second quarter of 2011, Cypress had approximately
170.3 million shares outstanding. In the current quarter, Cypress has
repurchased approximately 18.3 million common shares.
Cypress delivers high-performance, mixed-signal, programmable solutions
that provide customers with rapid time-to-market and exceptional system
value. Cypress offerings include the flagship PSoC®
programmable system-on-chip families and derivatives such as PowerPSoC®
solutions for high-voltage and LED lighting applications, CapSense®
touch sensing and TrueTouch® solutions for touchscreens.
Cypress is the world leader in USB controllers, including the
high-performance West Bridge® solution that enhances
connectivity and performance in multimedia handsets. Cypress is also a
leader in high-performance memories and programmable timing devices.
Cypress serves numerous markets including consumer, mobile handsets,
computation, data communications, automotive, industrial and military.
Cypress trades on the Nasdaq Global Select Market under the ticker
symbol CY. Visit Cypress online at www.cypress.com.
Certain statements in this press release including, but not limited to,
statements relating to the timing, extent and success of any stock
repurchases, our ability to modify or suspend the program and our
expectations of strategic direction, cash flow and shareholder value,
are forward-looking statements that are subject to risks and
uncertainties that could cause the results of the stock repurchase to be
materially different than our expectations. Important factors that could
cause our actual results to differ materially include: fluctuations in
the market price of the company's common stock, regulatory, legal, and
contractual requirements, the level of employee option grants and
exercises and resulting dilution therefrom; and other market factors,
including the state of and future of the global economy, business
conditions and growth trends in the semiconductor market; as well as
other factors detailed from time to time in the periodic reports Cypress
files with the Securities and Exchange Commission. These forward-looking
statements are not guarantees of future performance and speak only as of
the date hereof, and Cypress disclaims any obligation to update these
forward-looking statements to reflect future events or circumstances.
Cypress and the Cypress logo, PSoC, PowerPSoC, CapSense, TrueTouch
and West Bridge are registered trademarks of Cypress Semiconductor