Intersil Corp. (Milpitas, CA) announced two strategic actions that demonstrate its commitment to increasing shareholder value. As a result of Intersil's continued positive cash flow and strong balance sheet position, the company's board of directors authorized and declared its quarterly dividend of $0.05 per share of common stock. This dividend reflects a 25-percent increase from the quarterly per-share rate that the company had previously paid over the past four quarters. Payment of the dividend will be made on November 22, 2005, to shareholders of record as of the close of business on November 11, 2005.
In addition, Intersil's board of directors has authorized a program to repurchase up to $150 million of Intersil stock over the next 12 months. The timing of the buy-back and the exact number of shares purchased will depend on market conditions. On October 28, 2005, the company had approximately 141.5 million shares of common stock outstanding.
"The dividend increase and stock repurchase plan announced today are a direct result of the company's ongoing financial strength, strong balance sheet, and the expected future performance of the company," said Vice President and CFO David Zinsner. "We are very pleased to provide this increased return to our shareholders."
