InterDigital Announces $100 Million Stock Repurchase Program
Wednesday March 11, 2:00 pm ET
Board of Directors Approval Supported by Continued Strong Free Cash Flow
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--InterDigital, Inc. (NASDAQ: IDCC - News) today announced that its board of directors approved the initiation of a $100 million stock repurchase program.
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“We remain very confident in our ability to create value,” stated William J. Merritt, President and Chief Executive Officer. “With an already solid cash position, we expect to generate strong free cash flow1 from our licensing business in 2009 and future years. Given our financial strength, we have the capacity to make the investments in our core research and development to drive future licensing opportunities, create new technology opportunities, and repurchase our stock, all of which we believe will further enhance shareholder value.”
As with the prior stock repurchase authorizations, InterDigital may purchase stock from time-to-time through open market purchase, pre-arranged trading agreements, or privately-negotiated transactions. The amount and timing of the repurchases will be based on a variety of factors, including general business and market conditions, the availability of an open trading window, cash requirements, strategic investment opportunities, and the timing of signing any new license agreements. |
