IDT Announces Expansion of Stock Repurchase Program
Integrated Device Technology Inc. (IDT, Santa Clara, CA), a leading communications IC provider, announced that its board of directors has approved an expansion of its stock repurchase program to purchase up to an additional five 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 seven 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.