Thursday March 22, 8:02 am Eastern Time
Press Release
SOURCE: Cree, Inc.
Cree Announces Expansion of Stock Repurchase
Program; Repurchase Program Totals Seven Million
Shares
DURHAM, N.C., March 22 /PRNewswire/ -- Cree, Inc. (Nasdaq: CREE - news) announced that its Board of Directors has
increased the repurchase limits under its stock repurchase program announced in January 2001 to include an additional three
million shares, for a total of seven million shares of its outstanding common stock.
The repurchase program, which is ongoing, can be implemented through open market or privately negotiated transactions at
the discretion of the company's management. The company will continue to determine the time and extent of repurchases
based on its evaluation of market conditions and other factors. Such purchases would, in part, offset the issuance of shares for
employee stock plans.
Neal Hunter, Chairman and CEO stated, ``This additional repurchase authorization reflects the Board's belief that, in view of
the Company's strong financial position and current market conditions, our stock represents an attractive investment
opportunity for the Company. In extending this program we have evaluated our cash requirements and feel comfortable that,
net of these transactions, our foreseeable cash needs can be met through our strong balance sheet.'' |
