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Elantec Semiconductor

(ELNT)

said its board authorized a buyback of up to 1 million common shares.

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The stock will be repurchased at various times depending on market conditions and will be used as treasury stock for corporate matters such as issuing shares for employee stock options and purchase plans. The company, which makes analog integrated circuits, has 22 million common shares outstanding.

Shares of Elantec ended the

Nasdaq

regular trading session at $23.13.