SAN JOSÉ, Calif.--(BUSINESS WIRE)--
Power Integrations (Nasdaq: POWI)
today announced that its board of directors has expanded the company’s
stock-repurchase program, authorizing the use of an additional $50
million for the repurchase of the company’s common stock. Purchases will
continue to be made according to price/volume guidelines set by the
board of directors. The action follows a prior authorization of $50
million in October 2012, of which the company has utilized $41 million,
repurchasing approximately 1.1 million shares at an average price of
about $38 per share. This total includes 415,000 shares repurchased in
the current quarter. Power Integrations had $217.7 million in cash and
investments as of March 31, 2014.
The expanded repurchase authorization follows a previously announced
increase in the company’s quarterly dividend, which will rise to $0.12
per share of common stock beginning in the third quarter of 2014. A
dividend of $0.10 per share is to be paid out on June 30, 2014, to
stockholders of record as of May 30, 2014.
About Power Integrations
Power
Integrations, Inc. is a Silicon Valley-based supplier of
high-performance electronic components used in high-voltage
power-conversion systems. The company’s integrated circuits and diodes
enable compact, energy-efficient AC-DC power supplies for a vast range
of electronic products including mobile devices, TVs, PCs, appliances,
smart utility meters and LED lights. CONCEPT IGBT drivers enhance
the efficiency, reliability and cost of high-power applications such as
industrial motor drives, solar and wind energy systems, electric
vehicles and high-voltage DC transmission. Since its introduction in
1998, Power Integrations’ EcoSmart® energy-efficiency
technology has prevented billions of dollars’ worth of energy waste and
millions of tons of carbon emissions. Reflecting the environmental
benefits of the company’s products, Power Integrations’ stock is
included in the NASDAQ® Clean Edge® Green Energy
Index, The Cleantech Index®, and the Ardour Global IndexSM.
For more information, including design-support tools and resources,
please visit www.powerint.com;
visit Power Integrations’ Green
Room for a comprehensive guide to energy-efficiency standards around
the world.
Power Integrations, EcoSmart and the Power Integrations logo are
trademarks or registered trademarks of Power Integrations, Inc. All
other trademarks are property of their respective owners.
Source: Power Integrations, Inc.