News & Events
Elantec Semiconductor Announces That Board Of Directors Authorizes Repurchase Of Up To 1,000,000 Shares Of Common Stock
MILPITAS, CALIFORNIA, December 19, 2000 - Elantec Semiconductor, Inc. (NASDAQ: ELNT), a leader in high performance analog integrated circuits, today announced that its Board of Directors has authorized the repurchase of up to 1,000,000 shares of its common stock. The repurchased stock will provide the Company with treasury stock for general corporate purposes, such as stock to be issued under employee stock option plans and stock purchase plans. The stock purchases will occur from time to time depending on market conditions and other corporate considerations. The Company currently has approximately 22,000,000 shares of common stock outstanding.
Rich Beyer, Elantec's Chief Executive Officer and President, commented "This decision reinforces our belief in the long-term value of the Company as well as our confidence in our strategy and our growth prospects."
Elantec designs, manufactures and markets high performance analog integrated circuits primarily for the video, optical storage, communication, and power management markets. The Company targets high growth commercial markets in which advances in digital integrated circuit technology are driving increasing demand for high speed, high performance and low power consumption analog circuits.
Certain matters discussed in this press release pertaining to the long-term value, growth prospects, market conditions, and market trends are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include product introductions by the Company's competitors, market conditions, competitive pricing pressures, fluctuations in manufacturing yield, changes in the mix or markets in which products are sold, availability and cost of raw materials, and other risks discussed in the Company's most recent Form 10-K filed with the Securities and Exchange Commission. The Company's actual results could differ materially from those discussed herein.
About Elantec Semiconductor, Inc.
Elantec designs, manufactures and markets high performance analog integrated circuits primarily for the video, optical storage, communication, and power management markets.
A registration statement relating to the Company's Common Stock has been filed with the Securities and Exchange Commission but has not yet become effective. The Common Stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
