Applied Materials: Cash Dividend
Applied Materials, Inc., the world's leading supplier of manufacturing solutions for the semiconductor, display and solar industries, today announced that its Board of Directors has approved a 13% increase in the quarterly cash dividend to $0.09 per share, payable on June 14, 2012 to stockholders of record as of May 24, 2012. Applied's Board also approved a new stock repurchase program authorizing up to $3 billion in repurchases over the next three years ending in March 2015. Applied's current stock repurchase program, begun in 2010, has less than $1.0 billion remaining and will terminate concurrent with the start of the new repurchase program.
"Applied had record revenue and cash flows in FY 2011, and today's dividend increase demonstrates confidence in our ability to continue to deliver strong cash flow performance across our business cycles," said Mike Splinter, chairman and chief executive officer. "Both the dividend and the share repurchase program demonstrate our ongoing commitment to return capital to our shareholders, while we continue to invest in the long-term growth of our businesses."
As of January 29, 2012, Applied Materials had approximately 1.3 billion shares of common stock outstanding.
Forward-Looking Statements. This press release contains forward-looking statements, including statements regarding Applied's financial position, cash flow performance, capital allocation, and investment and growth strategies. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: the level of demand for Applied's products, which is subject to many factors, including uncertain global economic and industry conditions, demand for electronic products and semiconductors, and customers' new technology and capacity requirements; the concentrated nature of Applied's customer base; Applied's ability to (i) develop, deliver and support a broad range of products and expand its markets, (ii) timely align its cost structure with business conditions, (iii) plan and manage its resources and production capability, including its supply chain, (iv) implement initiatives that enhance global operations and efficiencies, (v) effectively integrate acquired businesses, (vi) obtain and protect intellectual property rights in key technologies, and (vii) attract, motivate and retain key employees; and other risks described in Applied Materials' SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof. The company undertakes no obligation to update any forward-looking statements.
Applied Materials, Inc. is the global leader in providing innovative equipment, services and software to enable the manufacture of advanced semiconductor, flat panel display and solar photovoltaic products. Our technologies help make innovations like smartphones, flat screen TVs and solar panels more affordable and accessible to consumers and businesses around the world. At Applied Materials, we turn today's innovations into the industries of tomorrow. Learn more at www.appliedmaterials.com.
Michael Sullivan (financial community) 408.986.7977, firstname.lastname@example.org