March 5, 2013
/PRNewswire-FirstCall/ -- Qualcomm Incorporated (Nasdaq: QCOM) today announced that its Board of Directors has approved a 40 percent increase in the Company's quarterly cash dividend and, effective immediately, a new
stock repurchase program to replace the prior
stock repurchase program, which had
of repurchase authority remaining.
The cash dividend will increase from
per share of common stock and will be effective for quarterly dividends payable after
March 27, 2013
. This dividend increase will raise the annualized dividend payout to
per share of common stock.
"In recognition of our strong financial position and continued growth in our business, we are pleased to increase our quarterly cash dividend to a record
per share and to introduce a new
stock repurchase program," said Dr.
Paul E. Jacobs
, chairman and CEO of Qualcomm. "Our business model continues to generate strong operating cash flows that enable us to invest in and execute on our strategic priorities, while also returning capital to stockholders. Since these programs began in 2003, we have returned
to stockholders through a combination of stock repurchases and cash dividends."
The new stock repurchase program has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using the Company's cash resources and may be commenced or suspended at any time or from time-to-time at the Company's discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, in privately negotiated transactions or through the use of derivative instruments.