IDT Announces Expansion of Stock Repurchase Program
IDT Announces Expansion of Stock Repurchase Program
SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 23, 2003--IDT
(Integrated Device Technology, Inc. (Nasdaq:IDTI)), a leading
communications IC provider, today announced that its board of
directors has approved an expansion of its stock repurchase program to
purchase up to an additional 5 million shares of IDT common stock. Any
repurchases under the Company's stock repurchase program may be made
from time to time in the open market or through privately negotiated
transactions subject to market conditions. Since the announcement of
the stock repurchase program in November 2000, the Company has
repurchased 7 million shares of its common stock. As of January 22,
2003, the Company had approximately 103.6 million shares outstanding.
The stock repurchase program may be suspended or discontinued at any
time.
About IDT
IDT enhances the global network with semiconductor solutions for
communications companies that lead innovation and drive convergence in
voice, data and wireless networks. IDT is focused on enhancing system
bandwidth with communications-specific products including network
search engines, classification and content inspection processors and
integrated communications processors. The portfolio is also comprised
of products optimized for communications applications, including
telecom products, FIFOs, multi-ports, and clock management products.
In addition, the product mix includes high-performance digital logic
and high-speed SRAMs to meet the requirements of communications
systems.
Headquartered in Santa Clara, Calif., the company employs
approximately 3,200 people worldwide and has a wafer manufacturing
facility in Oregon, and test and assembly facilities in the
Philippines and Malaysia. IDT stock is traded on the Nasdaq stock
market under the symbol "IDTI." The company is included in the S&P
1000, which is a combination of the S&P MidCap 400 and S&P SmallCap
600 Indices. Additional information about IDT is easily accessible at
www.idt.com. The investor hotline is (408) 654-6420.
Note to Editors: IDT is a trademark and the IDT logo is a
registered trademark of Integrated Device Technology, Inc. All other
brands, product names and marks are or may be trademarks or registered
trademarks used to identify products or services of their respective
owners.
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CONTACT: |
Integrated Device Technology, Inc. |
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Diana Pailthorpe, 408/492-8210 (Press) |
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diana.pailthorpe@idt.com |
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IDT Investor Relations, 408/654-6420 (Financial) |
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ir@idt.com |
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