IXYS Announces New Stock Repurchase Program
MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)-- IXYS Corporation (IXYS) (NASDAQ: IXYS) announced today that its Board of Directors has authorized an additional stock repurchase program of up to 1,000,000 shares of its common stock, or approximately 3% of the Companys approximately 31 million shares of common stock currently outstanding. This new program is in addition to the stock repurchase program approved in February 2011, which remains in effect for shares not yet purchased.
The repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market through block trades or otherwise. The timing and amount of such repurchases will depend on market conditions.
IXYS develops and markets primarily high performance power semiconductors and control ICs that are used in controlling and converting electrical power efficiently in power systems for telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with digital and analog ICs that control flat panel displays, medical instruments and telecommunication products.
Safe Harbor Statement
Statements in this press release regarding IXYS' business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to the effect that the repurchase program may have on our future financial performance and our ability to pursue other investment opportunities, the possibility that the repurchase program will not be completed in full or in substantial part and the other risks detailed from time to time in our reports filed with the Securities and Exchange Commission. Further information on other factors that could affect our operations is detailed and included in our Form 10-Q for the fiscal quarter ended June 30, 2012, as filed with the Securities and Exchange Commission. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.
Uzi Sasson, 408-457-9000
President and CFO
Source: IXYS CorporationCopyright Business Wire 2012