Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors enabling a broad range of end
markets, today announced that its Board of Directors has authorized
the repurchase of up to $250 million of the company's common stock
from time to time prior to July 16, 2015 on the open market or in
privately negotiated transactions, in compliance with applicable
securities laws and other legal requirements. This newly authorized
stock repurchase program replaces in its entirety the $200 million
stock repurchase program which was approved by the Board of
Directors on November 8, 2012, and had $35.6 million of repurchase
authority remaining.
The timing and amount of any shares of the company’s common
stock that are repurchased will be determined by the company's
management based on its evaluation of market conditions and other
factors. The repurchase program may be suspended or discontinued at
any time. Any repurchased shares will be available for use in
connection with its stock plans and for other corporate
purposes.
The company currently expects to fund the repurchase program
using the company's working capital. As of June 28, 2013, the
company had cash and cash equivalents of approximately $400.3
million.
About Skyworks
Skyworks Solutions, Inc. is an innovator of high performance
analog semiconductors. Leveraging core technologies, Skyworks
supports automotive, broadband, cellular infrastructure, energy
management, GPS, industrial, medical, military, wireless
networking, smartphone and tablet applications. The Company’s
portfolio includes amplifiers, attenuators, circulators,
demodulators, detectors, diodes, directional couplers, front-end
modules, hybrids, infrastructure RF subsystems, isolators, lighting
and display solutions, mixers, modulators, optocouplers,
optoisolators, phase shifters, PLLs/synthesizers/VCOs, power
dividers/combiners, power management devices, receivers, switches
and technical ceramics.
Headquartered in Woburn, Mass., Skyworks is worldwide with
engineering, manufacturing, sales and service facilities throughout
Asia, Europe and North America. For more information, please visit
Skyworks’ Web site at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include information relating to the
expectations of Skyworks with respect to the use of its stock
repurchase program. Forward-looking statements can often be
identified by words such as "anticipates," "expects," "forecasts,"
"intends," "believes," "plans," "may," "will," or "continue," and
similar expressions and variations or negatives of these words. All
such statements are subject to certain risks, uncertainties and
other important factors that could cause actual results to differ
materially and adversely from those projected, and may affect our
future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include,
but are not limited to: uncertainty regarding global economic and
financial market conditions; the susceptibility of the
semiconductor industry and the markets addressed by our, and our
customers', products to economic downturns; the timing,
rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage
inventory; losses or curtailments of purchases or payments from key
customers, or the timing of customer inventory adjustments; the
availability and pricing of third party semiconductor foundry,
assembly and test capacity, raw materials and supplier components;
changes in laws, regulations and/or policies, including the
possibility of expiring tax cuts combined with mandatory reductions
in federal spending, in the United States that could adversely
affect either (i) the economy and our customers’ demand for our
products or (ii) the financial markets and our ability to raise
capital; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; economic, social and political
conditions in the countries in which we, our customers or our
suppliers operate, including security and health risks, possible
disruptions in transportation networks and fluctuations in foreign
currency exchange rates; fluctuations in our manufacturing yields
due to our complex and specialized manufacturing processes; delays
or disruptions in production due to equipment maintenance, repairs
and/or upgrades; our reliance on several key customers for a large
percentage of our sales; fluctuations in the manufacturing yields
of our third party semiconductor foundries and other problems or
delays in the fabrication, assembly, testing or delivery of our
products; our ability to timely and accurately predict market
requirements and evolving industry standards, and to identify
opportunities in new markets; uncertainties of litigation,
including potential disputes over intellectual property
infringement and rights, as well as payments related to the
licensing and/or sale of such rights; our ability to rapidly
develop new products and avoid product obsolescence; our ability to
retain, recruit and hire key executives, technical personnel and
other employees in the positions and numbers, with the experience
and capabilities, and at the compensation levels needed to
implement our business and product plans; lengthy product
development cycles that impact the timing of new product
introductions; unfavorable changes in product mix; the quality of
our products and any remediation costs; shorter than expected
product life cycles; problems or delays that we may face in
shifting our products to smaller geometry process technologies and
in achieving higher levels of design integration; and our ability
to continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties, as well as other
risks and uncertainties, including, but not limited to, those
detailed from time to time in our filings with the Securities and
Exchange Commission.
The forward-looking statements contained in this news release
are made only as of the date hereof, and we undertake no obligation
to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Note to Editors: Skyworks and Skyworks Solutions are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and in other countries. All other
brands and names listed are trademarks of their respective
companies.
Skyworks Media Relations:Pilar Barrigas(949)
231-3061orSkyworks Investor Relations:Steve Ferranti(781)
376-3056
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