IDT Announces Expansion of Stock Repurchase Program
Thursday January 23, 6:00 pm ET
SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 23, 2003--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 purchase up to an additional 5 million shares of IDT common stock. Any repurchases under the Company's stock repurchase program may be made from time to time in the open market or through privately negotiated transactions subject to market conditions. Since the announcement of the stock repurchase program in November 2000, the Company has repurchased 7 million shares of its common stock. As of January 22, 2003, the Company had approximately 103.6 million shares outstanding. The stock repurchase program may be suspended or discontinued at any time.
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. IDT is focused on enhancing system bandwidth with communications-specific products including network search engines, classification and content inspection processors and integrated communications processors. The portfolio is also comprised of products optimized for communications applications, including telecom products, FIFOs, multi-ports, and clock management products. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of communications systems.
Headquartered in Santa Clara, Calif., the company employs approximately 3,200 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia. IDT stock is traded on the Nasdaq stock market under the symbol "IDTI." The company is included in the S&P 1000, which is a combination of the S&P MidCap 400 and S&P SmallCap 600 Indices. Additional information about IDT is easily accessible at www.idt.com. The investor hotline is (408) 654-6420.
Note to Editors: IDT is a trademark and the IDT logo is a registered trademark 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.
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Contact:
Integrated Device Technology, Inc.
Diana Pailthorpe, 408/492-8210 (Press)
diana.pailthorpe@idt.com
IDT Investor Relations, 408/654-6420 (Financial)
ir@idt.com
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Source: Integrated Device Technology, Inc. |
