Kulicke and Soffa Industries has fully executed its entire $100m repurchase program, originally announced on 27 August 2014.
Kulicke & Soffa has also announced its Board of Directors has authorized an additional $100 million repurchase program.
The new authorization is effective immediately, may be suspended or discontinued at any time and is expected to be funded using the Company’s available cash, cash equivalents and short-term investments.
Under the program, Kulicke & Soffa may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management.
The timing and amount of repurchase transactions under this program will depend on market conditions, availability of US cash as well as other corporate and regulatory considerations.
As of July 1, 2017, K&S had $565.4 million in cash, cash equivalents and short term investments and 71.1 million shares outstanding.
“Over the prior 3 years the repurchase program has provided the opportunity to take advantage of market discrepancies and opportunistically reduce our outstanding share count,” stated Fusen Chen, Kulicke & Soffa’s President and CEO.
“As we look ahead, we will continue to take a long-term approach and execute this program with available resources when appropriate.”
Since, August 27, 2014, the initial announcement of the Company’s repurchase program, K&S has deployed $100 million and had repurchased 8.2 million shares in open market transactions.