Skyworks Solutions SWKS, an innovator of high performance
analog semiconductors enabling a broad range of end markets, today announced
that its Board of Directors has authorized the repurchase of up to $250
million of the company's common stock from time to time prior to July 16,
2015 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
$200 million stock repurchase program which was approved by the Board of
Directors on November 8, 2012, and had $35.6 million of repurchase authority
remaining.
The timing and amount of any shares of the company's common stock that are
repurchased 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 its stock plans and for other corporate
purposes.
The company currently expects to fund the repurchase program using the
company's working capital. As of June 28, 2013, the company had cash and
cash equivalents of approximately $400.3 million.
About Skyworks
Skyworks Solutions, Inc. is an innovator of high performance analog
semiconductors. Leveraging core technologies, Skyworks supports automotive,
broadband, cellular infrastructure, energy management, GPS, industrial,
medical, military, wireless networking, smartphone and tablet applications.
The Company's portfolio includes amplifiers, attenuators, circulators,
demodulators, detectors, diodes, directional couplers, front-end modules,
hybrids, infrastructure RF subsystems, isolators, lighting and display
solutions, mixers, modulators, optocouplers, optoisolators, phase shifters,
PLLs/synthesizers/VCOs, power dividers/combiners, power management devices,
receivers, switches and technical ceramics.
Headquartered in Woburn, Mass., Skyworks is worldwide with engineering,
manufacturing, sales and service facilities throughout Asia, Europe and
North America. For more information, please visit Skyworks' Web site 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
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: uncertainty regarding global economic and financial market
conditions; the susceptibility of the semiconductor industry and the markets
addressed by our, and our customers', products to economic downturns; the
timing, rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage inventory;
losses or curtailments of purchases or payments from key customers, or the
timing of customer inventory adjustments; the availability and pricing of
third party semiconductor foundry, assembly and test capacity, raw materials
and supplier components; changes in laws, regulations and/or policies,
including the possibility of expiring tax cuts combined with mandatory
reductions in federal spending, in the United States 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
develop, manufacture and market innovative products in a highly price
competitive and rapidly changing technological environment; economic, social
and 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; fluctuations in our manufacturing yields due to our complex and
specialized manufacturing processes; delays or disruptions in production due
to equipment maintenance, repairs and/or upgrades; our reliance on several
key customers for a large percentage of our sales; fluctuations in the
manufacturing yields of our third party semiconductor foundries and other
problems or delays in the fabrication, assembly, testing or delivery of our
products; our ability to timely and accurately predict market requirements
and evolving industry standards, and to identify opportunities in new
markets; 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 rapidly develop
new products and avoid product obsolescence; 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;
lengthy product development cycles that impact the timing of new product
introductions; unfavorable changes in product mix; the quality of our
products and any remediation costs; shorter than expected product life
cycles; problems or delays that we may face in shifting our products to
smaller geometry process technologies and in achieving higher levels of
design integration; and our ability to continue to grow and maintain an
intellectual property portfolio and obtain needed licenses from third
parties, as well as 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.
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