Product category: Analogue and Mixed Signal ICs
News Release from: Intersil
Edited by the Electronicstalk Editorial Team on 23 September 2003
Cash surplus prompts
dividend and buyback
Intersil Corp has made two strategic moves it says further demonstrate its commitment to increasing shareholder value
Due to Intersil's healthy balance sheet and steady financial performance, its board of directors has declared a quarterly cash dividend on its common stock of $0.03 per share. Payment will be made on 24th November 2003 to stockholders of record on 3rd November 2003. In addition, the company's board of directors has authorised a programme to repurchase up to $100 million of Intersil stock over the next 12 months.
This article was originally published on Electronicstalk on 23 September 2003 at 8.00am (UK)
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The timing of the buyback and the exact number of shares purchased will depend on market conditions.
As of 4th July 2003, Intersil's last quarter end, the company had approximately 137 million shares of common stock outstanding.
"We have completed our transition to a pure high-performance analogue company.
With nearly $1 billion in cash on our balance sheet and an operating model that generates significant cash, we are very pleased to provide this return to our shareholders", said Dan Heneghan, Vice President and CFO.
The company has also revealed that it expects to achieve its third quarter 2003 revenue and adjusted earnings per share guidance established on 23rd July 2003.
For the third quarter, the company expects to grow revenue by 3-5% to between $129 and $132 million, increasing adjusted earnings per share to $0.15.
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