Semtech Announces $50 Million Stock Buyback
Semtech Corp. (Newbury Park, CA) announced that its board of directors has authorized an additional $50.0 million to the current buyback program.
The company is now authorized to purchase $100.0 million of common stock and registered convertible subordinated notes periodically through open-market transactions. Since January 2001, the company has bought back $24.0 million in stock and notes under this program.
Semtech also indicated that it expects to achieve the high end of its previous guidance for three- to five-percent sequential sales growth in the third quarter ending October 28, 2001. At five-percent sequential sales growth, the company forecasts earnings to be approximately $0.09 per diluted share.