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On May 6, 2014, the board of directors of Cree, Inc. (Nasdaq: CREE and the “Company”) approved an increase in the amount of the Company’s stock repurchase program. Pursuant to the program, the Company is now authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $300 million for all purchases from June 20, 2013 through the new expiration of the program on June 28, 2015.
The Company recently repurchased 2.1 million shares of its common stock under the program at an average price of $47.11 per share with an aggregate value of $99.6 million. After this repurchase, there is $200.4 million in aggregate purchase price value remaining in the Company’s stock repurchase program through June 28, 2015. The repurchase program can be implemented through open market or privately negotiated transactions at the discretion of the Company’s management. The Company will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors.
Additionally, the board of directors of Cree, Inc. authorized the Company securing an up to $150 million working capital line of credit facility. The working capital line of credit will provide the Company short term flexibility to optimize its net investment return on its cash and investments while funding its general business needs.
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting and semiconductor products for power and radio-frequency (RF) applications.
Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree
® products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2013, and subsequent filings.