WILMINGTON, Del., June 12, 2014 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq:IDCC), a wireless research and development company, today announced that its Board of Directors has approved a 100% increase in the company's quarterly cash dividend to $0.20 per share ($.80 per share on an annual basis) as well as a new $300 million stock repurchase authorization.
"InterDigital has always worked to return cash to shareholders, and during the execution of this stock repurchase program we expect to cross the $1 billion threshold of value returned to shareholders since 2003," said Steven T. Clontz, Chairman of InterDigital. "Our confidence in future cash flows puts us in a position to continue to invest internally and externally in technology innovation, driving future growth of the company, while returning value to shareholders in a very meaningful way."
The increase in the regular quarterly dividend will take effect beginning with the dividend to be paid in third quarter 2014. The company also announced that its Board of Directors had declared a regular quarterly cash dividend of $.20 per share on its common stock, payable on July 23, 2014 to shareholders of record at the close of business on July 9, 2014.
The new $300 million stock repurchase program replaces the previous $200 million repurchase authorization, which the Board of Directors authorized in 2012. Under the 2012 repurchase authorization, InterDigital has bought back 3.5 million shares for approximately $107 million.
InterDigital develops wireless technologies that are at the core of mobile devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400® index.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit: www.interdigital.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our current beliefs, plans and expectations, including, without limitation: (i) our plans to pay a regular quarterly cash dividend of $0.20 per share; (ii) our plans to repurchase stock; (iii) our confidence in future cash flows; and (iv) our expectation that we will cross the $1 billion threshold of value returned to shareholders. Words such as "expect," "will" and variations of any such words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties. Actual outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors, including, without limitation, those identified in this press release, as well as the following: (i) changes in the market share and sales performance of our primary licensees, delays in product shipments of our licensees, delays in the timely receipt and final reviews of quarterly royalty reports from our licensees, delays in payments from our licensees and related matters; (ii) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional legal proceedings, changes in the schedules or costs associated with legal proceedings or adverse rulings in such legal proceedings; (iii) changes or inaccuracies in market projections; (iv) changes in the company's business strategy; and (v) an increase in the company's cash needs or a decrease in available cash or the company's inability to declare a dividend in compliance with applicable laws. We undertake no duty to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
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