National Semiconductor Corp. (Santa Clara, CA) announced a second program of open market repurchases of up to eight million shares of common stock. This program is in addition to a current authorization, previously announced on September 22, 2000, to purchase a similar eight million shares.
As of the end of the second quarter of fiscal year 2001, the company had purchased 5.5 million shares under the first program. The timing of the purchase and the exact number of shares to be purchased will depend on market conditions.
"We are taking this action to offset dilution resulting from on-going stock-based employee benefit plans, as part of our commitment to delivering superior shareholder value," said Brian L. Halla, chairman, president and CEO of National Semiconductor.
