WILMINGTON, Del., June 11, 2015 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq:IDCC), a wireless research and development company, today announced that its Board of Directors has declared a regular quarterly cash dividend, as well as increased its existing stock repurchase program by $100 million.
The regular quarterly cash dividend of $0.20 per share on the company’s common stock will be payable on July 22, 2015 to shareholders of record at the close of business on July 8, 2015. The company’s Board of Directors authorized a $300 million stock repurchase program in June 2014. Today’s increase brings the total authorization under the program to $400 million. From June 2014 through today, InterDigital has bought back 4.8 million shares for approximately $220.2 million, leaving a total of approximately $179.8 million remaining under the authorization.
"InterDigital has a tremendous track record of returning cash to shareholders, and to date has bought back roughly half the shares of the company that were ever outstanding. Our decision to continue in this direction underscores the company’s confidence in future cash flows and the continued strength of the business,” said S. Douglas Hutcheson, Chairman of InterDigital.
InterDigital develops 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 repurchase stock; and (ii) our confidence in future cash flows and the continued strength of the business. Words such as "expects," "projects," "forecasted," and variations of 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: (i) unanticipated delays, difficulties or acceleration in the execution of patent license agreements; (ii) 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; (iii) 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; (iv) changes or inaccuracies in market projections; (v) changes in the company's business strategy; and (vi) an increase in the company’s cash needs or decrease in available cash. 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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