ESI Initiates Quarterly Dividend
PORTLAND, Ore.--(BUSINESS WIRE)-- Electro Scientific Industries, Inc. (ESIO), a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry, today announced that its board of directors has authorized a quarterly cash dividend of $0.08 per share, payable on February 17, 2012 to shareholders of record on January 27, 2012.
"Our strong cash balance and our history of cash generation provide us the means to fund our growth strategy as well as return cash to shareholders," said Nick Konidaris, President and Chief Executive Officer of ESI. "This dividend demonstrates the companys confidence in our business and strategy, and our commitment to shareholder return."
Today the company also announced that its Board of Directors has approved the repurchase of up to $20 million of the company's outstanding shares of common stock, replacing the current repurchase authorization. The purchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase is expected to continue until completed unless earlier terminated by the Board of Directors. There were 28,810,405 shares outstanding as of November 4, 2011.
About ESI, Inc.
ESI is a leading supplier of innovative, laser-based manufacturing solutions for the microtechnology industry. Our systems enable precise structuring and testing of micron to submicron features in semiconductors, electronic devices, LEDs and other high-value components. We partner with our customers to make breakthrough technologies possible in the semiconductor, microelectronics and other emerging industries. Founded in 1944, ESI is headquartered in Portland, Ore., with global operations from the Pacific Northwest to the Pacific Rim. More information is available at www.esi.com.
Brian Smith, 503-672-5760
Source: Electro Scientific Industries, Inc.Copyright Business Wire 2011