(By Balaseshan) Programmable chipmaker Xilinx Inc. (NASDAQ:XLNX) said its board of directors has authorized a repurchase of up to $750 million of its outstanding common stock.
The company will repurchase up to $750 million of its common stock, or about 8% of its outstanding shares at the current stock price. Since fiscal 2008, the Company has repurchased over 68 million shares for about $1.8 billion.
"Our repurchase authorization signals a high level of confidence in Xilinx's growth prospects as well as in our continued ability to consistently generate healthy operating cash," said Moshe Gavrielov, President and Chief Executive of Xilinx.
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Through a cash deployment strategy that combines share repurchase and dividend, Xilinx has returned over $2.6 billion of cash to shareholders since fiscal 2008.
Operating cash flow at the end of first quarter of 2013 was $163 million, compared to $208 million at the end of fourth quarter of 2012, and $238 million at the end of first quarter of 2012.
Timing of repurchases and exact number of shares of common stock to be purchased will depend upon prevailing market conditions and other factors.
XLNX closed Friday's regular session at $33.71. The stock has been trading between $26.55 and $37.74 for the past 52 weeks.