IDT Announces New $225 Million Common Stock Repurchase Program
SAN JOSE, Calif., Jul. 26, 2010 — Integrated Device Technology, Inc. (IDT®; NASDAQ: IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced that its Board of Directors has approved a new $225 million share repurchase program. Repurchases under the Company’s repurchase program will be made in compliance with the SEC’s Rule 10b-18, subject to market conditions, applicable legal requirements and other factors, and may include open market and negotiated transactions, including block transactions or accelerated stock repurchase transactions. The new repurchase program is effective immediately, supersedes the previous program approved by the Board and may be discontinued at any time at the Company’s discretion. As of June 27, 2010, IDT had approximately 162 million shares outstanding and approximately $332 million in cash and cash equivalents.
With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that help customers overcome their system challenges. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this release involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, availability of capital, cash flow, the amount and timing of IDT common stock repurchased and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 28, 2010. All forward-looking statements are made as of the date of this release and the Company disclaims any duty to update such statements.
IDT, HQV, VersaClock, ViewXpand and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.