Lattice Announces $20 Million Stock Repurchase Program
4:00p ET February 27, 2013 (Market Wire)
Lattice Semiconductor Corporation (NASDAQ: LSCC) announced today that its Board of Directors has approved a stock repurchase program pursuant to which up to $20 million of its outstanding common stock may be repurchased from time to time. The duration of the repurchase program is twelve months. Under the program, Lattice may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under this program will depend on market conditions and corporate and regulatory considerations. The purchases will be funded from available working capital. As of February 25, 2013, Lattice had approximately 115,454,114 shares of common stock outstanding.
Lattice Semiconductor concluded a prior twelve month repurchase program in February 2013, having repurchased and retired approximately 4.65 million total shares at a cost of approximately $20 million.
"The announcement of this new stock repurchase program underscores our confidence in the Company's prospects and our continuing commitment to building shareholder value," stated Darin Billerbeck, Lattice's Chief Executive Officer. "Our solid financial position has permitted us to continue our development of innovative programmable logic solutions for the mass market."
(Repurchase program represents 3.7% of total shares outstanding as of $4.63 close on 27-Feb-13).