Cymer Announces $300M Stock Repurchase
SAN DIEGO, April 24, 2007 -- Cymer Inc., a supplier of excimer laser light sources used in semiconductor manufacturing, announced today that its board has authorized the company to repurchase up to $300,000,000 of its common stock. The purchases will be made from time to time in the open market or in privately negotiated transactions.
The program, which replaces the company's previous stock repurchase program, may be discontinued at any time. As of April 24, 2007, Cymer has approximately 37.4 million shares of common stock outstanding.
Bob Akins, Cymer's chairman and CEO, said, "Since early 2005, we have improved our financial performance significantly and generated more than $250 million in cash from operations. At March 31, 2007, we had more than $540 million in cash and investments. In the last two years, we have repurchased approximately 4.5 million shares of company stock and given our anticipated cash requirements, we believe it is appropriate to continue our stock repurchase program at this time. We are confident about our growth opportunities in the medium and longer-term and will continue on the path of increasing shareholder value."
For more information, visit: www.cymer.com