SAN JOSE, Calif., Oct. 30, 2013 /PRNewswire/ -- Atmel ® Corporation (NASDAQ: ATML), a leader in microcontroller and touch solutions, today announced that its Board of Directors has authorized an additional $300 million allocation of funds to its existing $700 million common stock repurchase program.
Of the company's previously authorized $700 million program, to date the company has repurchased approximately $636.3 million, or 72.1 million shares, of its common stock.
"The addition of an incremental $300 million to our current program reflects our continued confidence in our improving operating model and our overall financial strength," said Steve Skaggs, Atmel's Senior Vice President and Chief Financial Officer.The program authorizes the purchase of Atmel common stock in the open market, through privately negotiated transactions, accelerated stock repurchase programs or through other methods, including yield enhancement strategies, structured financial instruments and other derivative methods linked to the company's equity prices, at such times as management may determine to be in the best interests of the company and its stockholders, depending upon market conditions and other factors. The program does not have an expiration date. The number of shares repurchased and the timing of repurchases will be based on the level of cash balances, general business and market conditions, regulatory requirements and other factors, including alternative investment opportunities. About AtmelAtmel is a worldwide leader in the design and manufacture of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions focused on industrial, consumer, communications, computing and automotive markets. © 2013 Atmel Corporation. Atmel®, Atmel logo and combinations thereof, and others are registered trademarks or trademarks of Atmel Corporation or its subsidiaries. Other terms and product names may be trademarks of others.