IDT Board Expands Current Share Repurchase Program
SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 6, 2001--IDT (Integrated Device Technology, Inc.) (Nasdaq:IDTI - news), a leading communications IC provider, today announced that its Board of Directors has approved an expansion of its stock repurchase program to 7,000,000 shares of the Company's common stock. The Company intends to repurchase its outstanding shares from time to time in the open market or through privately negotiated transactions subject to market conditions. Since the announcement of the current stock repurchase program in November 2000, the Company has repurchased approximately 4.5 million shares of common stock. As of December 3, 2001, the Company had approximately 104 million shares outstanding.
``We continue to believe that stock repurchase can be an attractive investment for the Company, and that a share repurchase program is an excellent way to bring value to IDT's shareholders,'' said Alan Krock, IDT's chief financial officer.
About IDT
IDT enhances the global network with semiconductor solutions for communications companies that lead innovation and drive convergence in voice, data and wireless networks. Communications-industry leaders choose IDT for its high-performance products that accelerate time to market and boost bandwidth in the network infrastructure. IDT's communications-specific products include integrated processors, IP co-processors and telecom products; its foundational product portfolio is comprised of the industry's broadest selection of FIFOs, multi-ports, and clock management products; and the company's product mix also incorporates high-performance digital logic and SRAMs to meet the requirements of communications systems.
Headquartered in Santa Clara, Calif., the company employs approximately 3,800 people worldwide and has manufacturing facilities in California, Oregon, the Philippines and Malaysia. IDT stock is traded on the Nasdaq stock market under the symbol ``IDTI.'' Additional information about IDT is easily accessible at www.idt.com or on CD-ROM by calling 800/345-7015. The investor hotline is 408/654-6420.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, manufacturing capacity and costs, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, availability of capital, cash flow and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections.
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Contact:
IDT Corporate Communications
Diana Pailthorpe, 408/492-8210
diana.pailthorpe@idt.com
IDT Investor Relations, 408/654-6420
ir@idt.com |
