SAN DIEGO, Sept. 26, 2013 (GLOBE NEWSWIRE) -- Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions for the connected home, today announced its Board of Directors has authorized a share repurchase program under which up to $30 million worth of the Company's common stock may be repurchased.
"We are pleased to announce this stock buyback authorization, which reflects the Board's ongoing commitment to maximizing shareholder value and continued confidence in Entropic's long-term strategic direction," said Entropic's Chief Financial Officer, David Lyle. "Entropic's strong balance sheet allows it to return cash to shareholders through this repurchase program while maintaining the financial flexibility to fund R&D, reinvest in the business and opportunistically pursue attractive growth opportunities."
Purchases under the repurchase program may be made until September 30, 2014, through open market or privately negotiated transactions, block trades or otherwise. Purchases will be made from time to time at Entropic's discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, including applicable securities laws and other factors. The share repurchase program does not obligate Entropic to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. In order to ensure compliance with Federal securities laws, the company does not anticipate repurchases to commence until after October 31, 2013.
At the end of the second quarter of 2013, Entropic had approximately 90 million shares outstanding and approximately $166 million in cash, cash equivalents and short-term investments.
Entropic™ (Nasdaq:ENTR) is a world leader in semiconductor solutions for the connected home. The Company transforms how traditional HDTV broadcast and IP-based streaming video content is seamlessly, reliably, and securely delivered, processed, and distributed into and throughout the home. Entropic's next-generation Set-top Box (STB) System-on-a-Chip (SoC) and Connectivity solutions enable Pay-TV operators to offer consumers more captivating whole-home entertainment experiences by transforming the way digital entertainment is delivered, connected and consumed – in the home and on the go. For more information, visit Entropic at: www.entropic.com.
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Statements in this press release that are not strictly historical in nature constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding our expectations for Entropic's strategic direction and cash flows, as well as our potential share repurchase activity. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Entropic's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to those discussed in the "Risk Factors" section of Entropic's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. All forward-looking statements are qualified in their entirety by this cautionary statement. Entropic is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.