Skyworks Solutions Inc of Woburn, MA, USA (which manufactures analog and mixed-signal semiconductors) says that its board of directors has declared a quarterly cash dividend of $0.28 per share of common stock (an 8% increase from the prior quarterly dividend of $0.26 per share) payable on 25 August to stockholders of record as of the close of business on 4 August.
In addition, the board has authorized the repurchase of up to $400m of the firm's common stock from time to time prior to 19 July 2018, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. This newly authorized stock repurchase program replaces in its entirety the $400m stock repurchase program that was approved by the board on 10 November 2015 and had about $73m of repurchase authority remaining.
The timing and amount of any shares of common stock repurchased under the new repurchase program will be determined by management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the company's stock plans and for other corporate purposes.
Skyworks currently expects to fund the repurchase program using working capital. As of 1 July, the firm had cash and cash equivalents of about $974m.
