Entropic Announces $30 Million Stock Repurchase Program
SAN DIEGO, Sept. 26, 2013 (GLOBE NEWSWIRE) -- Entropic (Nasdaq:ENTR), a world
leader in semiconductor solutions for the connected home, today announced its
Board of Directors has authorized a share repurchase program under which up to
$30 million worth of the Company's common stock may be repurchased.
"We are pleased to announce this stock buyback authorization, which reflects
the Board's ongoing commitment to maximizing shareholder value and continued
confidence in Entropic's long-term strategic direction," said Entropic's Chief
Financial Officer, David Lyle. "Entropic's strong balance sheet allows it to
return cash to shareholders through this repurchase program while maintaining
the financial flexibility to fund R&D, reinvest in the business and
opportunistically pursue attractive growth opportunities."
Purchases under the repurchase program may be made until September 30, 2014,
through open market or privately negotiated transactions, block trades or
otherwise. Purchases will be made from time to time at Entropic's discretion
and the timing and amount of any share repurchases will be determined based on
share price, market conditions, legal requirements, including applicable
securities laws and other factors. The share repurchase program does not
obligate Entropic to acquire any particular amount of common stock, and it may
be suspended or discontinued at any time. In order to ensure compliance with
Federal securities laws, the company does not anticipate repurchases to
commence until after October 31, 2013.
At the end of the second quarter of 2013, Entropic had approximately 90
million shares outstanding and approximately $166 million in cash, cash
equivalents and short-term investments.
Entropic™ (Nasdaq:ENTR) is a world leader in semiconductor solutions for the
connected home. The Company transforms how traditional HDTV broadcast and
IP-based streaming video content is seamlessly, reliably, and securely
delivered, processed, and distributed into and throughout the home. Entropic's
next-generation Set-top Box (STB) System-on-a-Chip (SoC) and Connectivity
solutions enable Pay-TV operators to offer consumers more captivating
whole-home entertainment experiences by transforming the way digital
entertainment is delivered, connected and consumed – in the home and on the
go. For more information, visit Entropic at: www.entropic.com.
The Entropic logo is available at
Statements in this press release that are not strictly historical in nature
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include, but are not
limited to, statements regarding our expectations for Entropic's strategic
direction and cash flows, as well as our potential share repurchase activity.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause Entropic's actual results to be materially
different from historical results or from any results expressed or implied by
such forward-looking statements. These factors include, but are not limited to
those discussed in the "Risk Factors" section of Entropic's Quarterly Report
on Form 10-Q for the quarter ended June 30, 2013. All forward-looking
statements are qualified in their entirety by this cautionary statement.
Entropic is providing this information as of the date of this release and does
not undertake any obligation to update any forward-looking statements
contained in this release as a result of new information, future events or
CONTACT: Investor Contact:
Media/Industry Analyst Contact:
+ 1 858.768.3827
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