Altera Board Increases Share Repurchase Authorization
SAN JOSE, Calif., Aug. 28, 2013
SAN JOSE, Calif., Aug. 28, 2013 /PRNewswire/ -- Altera Corporation (NASDAQ:
ALTR) today announced that its board of directors has increased the company's
share repurchase authorization by an additional 30.0 million shares. Combined
with the board's previous authorization, there are now 41.1 million shares,
representing approximately 13 percent of shares outstanding, authorized for
repurchase. Under the repurchase program, which was previously approved by the
board of directors, shares may be purchased in the open market from time to
time at the discretion of the company's management. Management believes that
this authorization is sufficient to support the company's share repurchase
objectives through mid-2015.
Altera intends to fund the share repurchases through its cash on hand, cash
generated from operations and by adding additional debt to its capital
structure while maintaining its investment grade profile.
Statements in this press release that are not historical are "forward-looking
statements" as the term is defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are generally written in the future
tense and/or preceded by words such as "will," "expects," "anticipates,"
"believes," "plan" or other words that imply or predict a future state.
Forward-looking statements include, but are not limited to, statements
regarding the company's share repurchase authorization being sufficient to
support the company's share repurchase objectives through mid-2015 and the
company's plan to add additional debt, while maintaining its investment grade
profile. Investors are cautioned that all forward-looking statements in this
release involve risks and uncertainty that can cause actual results to differ
from those currently anticipated, due to a number of factors, including
without limitation, current global economic conditions, customer business
environment, the company's stock price and prevailing market conditions, the
company's cash balance, the amount of cash generated from operations and the
company's access to debt on acceptable terms, customer inventory levels,
vertical market mix, market acceptance of the company's products, product
introduction schedules, the rate of growth of the company's new products as
well as changes in economic conditions and other risk factors discussed in
documents filed by the company with the Securities and Exchange Commission
(SEC) from time to time. Copies of Altera's SEC filings are posted on the
company's website and are available from the company without charge.
Forward-looking statements are made as of the date of this release, and,
except as required by law, the company does not undertake an obligation to
update its forward-looking statements to reflect future events or
Altera® programmable solutions enable designers of electronic systems to
rapidly and cost effectively innovate, differentiate and win in their markets.
Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such
aspower management, to provide high-value solutions to customers worldwide.
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words and logos are trademarks of Altera Corporation and registered in the
U.S. Patent and Trademark Office and in other countries. All other words and
logos identified as trademarks or service marks are the property of their
respective holders as described at www.altera.com/legal.
INVESTOR CONTACT MEDIA CONTACT
Scott Wylie - Vice President Sue Martenson - Senior Manager
Investor Relations Public Relations
(408) 544-6996 (408) 544-8158
SOURCE Altera Corporation
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