SANTA CLARA, Calif., June 09, 2016 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that its Board of Directors has approved a new $2 billion share repurchase program. This follows the completion of the $3 billion share repurchase program originally approved by the Board on April 26, 2015.
The Board of Directors also has approved a quarterly cash dividend of $0.10 per share payable on the company’s common stock. The dividend is payable on September 15, 2016 to shareholders of record as of August 25, 2016.
“We are confident in our ability to drive profitable growth as our strengths in materials engineering enable critical technology inflections in our markets,” said Robert Halliday, senior vice president and CFO. “Our new $2 billion share repurchase program and the dividend demonstrate Applied’s ongoing commitment to deliver attractive cash returns to shareholders.”
Over the past calendar year, Applied Materials has distributed more than $3.2 billion in the form of dividends and share repurchases.
Applied Materials had approximately 1.1 billion shares of common stock outstanding as of its most recent fiscal quarter end.
This press release contains forward-looking statements, including statements regarding Applied’s financial position, cash flow performance, capital allocation, and investment and growth strategies. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; consumer demand for electronic products; the demand for semiconductors; customers' technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; and other risks and uncertainties described in our SEC filings, including our most recent Forms 10-K and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.
About Applied Materials
Applied Materials, Inc. (Nasdaq:AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible the technology shaping the future. Learn more at www.appliedmaterials.com.
Contact: Kevin Winston (editorial/media) 408.235.4498 Michael Sullivan (financial community) 408.986.7977
Source:Applied Materials, Inc.