Applied Micro approves buying back as much as 30 percent of itself

The board of directors at Applied Micro Circuits (Nasdaq:AMCC) approved a $100 million stock repurchase program Wednesday, the company revealed in a quarterly filing today. Details of the program “are still to be determined.”

The amount is about a third of the company’s total market value as of Friday. It is also slightly more than half of the Sunnyvale chip maker’s total cash and short-term investments as of Sept. 30. It’s also five times the amount of cash the company generated from operations during the last six months.

The company’s board last authorized a stock repurchase in August 2004 that totaled $200 million and has bought 8.9 million shares under it at an average price of $11.74. It had $5.5 million left in the program as of June 30. During the lifespan of this repurchase program, Applied Micro’s shares have fallen 70 percent in value.

In September the company announced its sixth restructuring in four years.

 

Tags: , ,

 

Share this Post



 
 
 
 
 
css.php