WILMINGTON, Del., Sept. 14, 2017 (GLOBE NEWSWIRE) -- InterDigital, Inc. (NASDAQ:IDCC), a mobile technology research and development company, today announced that its Board of Directors has approved an increase in the company's quarterly cash dividend to $0.35 per share ($1.40 per share on an annual basis), as well as increased its existing stock repurchase program by $100 million.
The increase in the regular quarterly cash dividend will take effect beginning with the dividend to be paid in fourth quarter 2017. The Board of Directors also declared a regular quarterly cash dividend of $.35 per share on its common stock, payable on October 25, 2017 to shareholders of record at the close of business on October 11, 2017.
The company’s Board of Directors authorized a $300 million stock repurchase program in June 2014, and in June 2015 increased the authorization to $400 million. Today’s increase brings the total authorization under the program to $500 million. From June 2014 through today, InterDigital has bought back 6.7 million shares for approximately $314 million, leaving a total of approximately $186 million remaining under the authorization.
“InterDigital’s success signing license agreements with top handset companies has resulted in clear visibility over strong future cash flows, as outlined on the most recent earnings call,” said S. Douglas Hutcheson, Chairman of InterDigital. “The company continues to implement a balanced approach to capital allocation, designed to return value to shareholders while providing the company with the capital necessary to continue to shape the industry with ground-breaking research.”
InterDigital develops mobile technologies that are at the core of 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 $0.35 per share; (ii) our plans to repurchase stock; and (iii) our expectation of strong future cash flows. Words such as “expect,” “plan,” “project,” 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.
Patrick Van de Wille
+1 (858) 210-4814