SAN JOSE, Calif., Feb. 4, 2016 /PRNewswire/ -- Monolithic
Power Systems, Inc. (MPS) (Nasdaq: MPWR), a leading company in high
performance power solutions, today announced that its Board of
Directors has approved a new stock repurchase program that
authorizes MPS to repurchase up to $50
million in the aggregate of its common stock through
December 31, 2016.
"We continue to apply our long-term strategy of balanced capital
allocation which includes dividend payments, stock buybacks and
technology investments," said Michael
Hsing, CEO and founder of MPS.
The repurchases will be funded from available working capital.
As of December 31, 2015, MPS had
cash, cash equivalents and investments of $240 million, and 41 million diluted
weighted-average shares of common stock outstanding.
Stock repurchases under the program may be made through open
market repurchases, privately negotiated transactions or other
structures in accordance with applicable state and federal
securities laws, at times and in amounts as management deems
appropriate. The timing and the amount of any repurchased common
stock will be determined by MPS' management based on its evaluation
of market conditions, legal requirements, share price, and other
factors. Repurchases of common stock may be made under a Rule
10b5-1 plan, which would permit common stock to be repurchased when
the Company might otherwise be precluded from doing so under
insider trading laws. The repurchase program does not obligate MPS
to purchase any particular number of shares and may be suspended,
modified, or discontinued at any time without prior notice.
Forward-Looking Statements
Actual events may differ materially from those indicated or
suggested by such forward looking statements as a result of various
important factors including, among others, the market price of the
Company's common stock prevailing from time to time, the nature of
other investment opportunities presented to the Company from time
to time, the Company's cash flows from operations, general economic
condition, and other factors as identified in the Company's most
recent Quarterly Report on Form 10-Q filed with the SEC (a copy of
which may be accessed through the company's website at
www.monolithicpower.com). In addition, the forward-looking
statements included in this press release represent the Company's
views as of the date of this press release and these views could
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date of the press release.
About Monolithic Power Systems
Monolithic Power Systems, Inc. (MPS) provides small, highly
energy efficient, easy-to-use power solutions for systems found in
industrial applications, telecom infrastructures, cloud computing,
automotive, and consumer applications. MPS' mission is
to reduce total energy consumption in its customers' systems
with green, practical, compact solutions. The company was founded
by Michael R. Hsing in 1997 and is
headquartered in San Jose, CA. MPS
can be contacted through its website at
www.monolithicpower.com or its support offices around the
world.
Monolithic Power Systems, MPS, and the MPS logo are registered
trademarks of Monolithic Power Systems, Inc. in the U.S. and
trademarked in certain other countries.
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SOURCE Monolithic Power Systems, Inc.