Skyworks Solutions, Inc. (SWKS) an innovator of high performance analog semiconductors enabling a broad range of end markets, today announced that its Board of Directors has authorized the repurchase of up to $300 million of the company’s common stock from time to time prior to November 11, 2016, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. This newly authorized stock repurchase program replaces in its entirety the $250 million stock repurchase program which was approved by the Board of Directors on July 16, 2013, and had $63.9 million of repurchase authority remaining.
The timing and amount of any shares of the company’s common stock that are repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The company currently expects to fund the repurchase program using the company’s working capital. As of October 3, 2014, the company had cash and cash equivalents of approximately $805.8 million.