TAIPEI, Taiwan, Nov. 02, 2015 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”), a global leader in NAND flash controllers for solid state storage devices and specialty RF IC solutions for mobile devices, announces today its annual cash dividend to be paid in quarterly installments.
The Board of Directors of the Company has declared the payment of an annual dividend of US$0.60 per ADS1, equivalent to US$0.15 per ordinary share, which will be paid in four quarterly installments of $0.15 per ADS, equivalent to US$0.0375 per ordinary share, according to the following anticipated record and payment dates:
|Record Date||Payment Date|
|November 9, 2015||November 20, 20152|
|February 17, 2016||February 26, 2016|
|May 9, 2016||May 19, 2016|
|August 5, 2016||August 17, 2016|
The Company’s depository bank’s DR Books will be closed for issuance and cancellation on each of the record dates.
“We are proud of our track record in generating positive returns for our shareholders, which includes over almost the last three years, the payment of a quarterly dividend payment,” said Wallace Kou, President and CEO of Silicon Motion. “Our business has been growing rapidly and generates a fairly stable stream of free cash flow and we believe these trends will continue.”
The payment of the annual dividend to be paid in quarterly installments will be made according to the anticipated record and payment dates unless subsequently changed by the Board. The declaration and payment of future cash dividends are subject to the Board's continuing determination that the payment of dividends are in the best interests of the Company’s shareholders and are in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends.
1 One ADS is equivalent to four ordinary shares.
2 The Company announced on October 23 its quarterly dividend installment to be paid on November 20.
About Silicon Motion:
We are a fabless semiconductor company that designs, develops and markets solutions for mobile storage and mobile communications markets. For the mobile storage market, our key products are microcontrollers used in embedded storage devices such as SSDs and eMMCs and in expandable storage devices. For the mobile communications market, our key products are LTE transceivers and mobile TV IC solutions. Our products are widely used in smartphones, tablets, and industrial, enterprise and commercial applications. For further information on Silicon Motion, visit www.siliconmotion.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from these customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; decreases in the overall average selling prices of our products; the payment or non-payment of cash dividends in the future at the discretion of our board of directors; changes in the relative sales mix of our products; our ability to successfully integrate Shannon Systems; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in our customers' products; our customers' sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions its customers and consumers; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed on April 30, 2015. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
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Source:Silicon Motion Technology Corporation