Silicon Motion Begins Qtr. Dividend at $0.15/ADS, Authorizes $40M Buyback Plan
Silicon Motion Technology Corporation (Nasdaq: SIMO) ("Silicon Motion" or the "Company"), a global leader in designing and marketing NAND flash controllers for solid state storage devices and specialty RF IC solutions for mobile devices, announces today that its Board of Directors has authorized a new share repurchase program and has also approved its first quarterly cash dividend.
The new stock repurchase program authorizes the Company to purchase up to $40 million of its American Depositary Shares ("ADS") over a 12 month period. Since authorizing its first stock repurchase program in March 2008, the Company has spent $54.3 million to repurchase and retire 6.2 million ADSs.
Separately, the board of directors of the Company has declared the payment of its first quarterly dividend of $0.15 per ADS which will be paid on March 4, 2013 to all shareholders of record as of February 21, 2013.
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