Business
Silicom Announces $15M Share Repurchase Plan
KFAR SAVA, Israel, May 2, 2019 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC) today announced that its Board of Directors has authorized a one-year share
About this update from Silicom Ltd
[{"type":"text","content":"KFAR SAVA, Israel, May 2, 2019 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC) today announced that its Board of Directors has authorized a one-year share repurchase plan allowing the Company to invest up to $15 million to repurchase its ordinary shares. The timing and actual number of shares repurchased will depend on a variety of factors, including price, and general business and market conditions. The share repurchase plan authorizes management to repurchase ordinary shares using a variety of methods, including open market purchases, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. Repurchases will be funded from available working capital. The share repurchase plan does not obligate Silicom to buy back any specific number of shares and may be suspended or terminated at any time at management's discretion.\n\n \nMr. Avi Eizenman, Silicom's Founder and Chairman of the Board, commented, \"This buyback reflects the record cash flow and strong profitability that we generated during 2018, which has boosted our available funds significantly, together with our ongoing commitment to creating shareholder value. \n\"In general, our long-term growth is being driven by some of the Cloud/Service Provider market's hottest trends and the strong need for our unique performance-boosting products in the new SD-WAN, Edge and Cloud Data Center infrastructures. With the impressive roster of Design Wins that we have already achieved, together with a fat pipeline of additional potential wins ahead of us, we remain very optimistic regarding our long-term prospects.\"\nAbout Silicom Silicom Ltd. is an industry-leading provider of high-performance networking and data infrastructure solutions. Designed primarily to improve performance and efficiency in Cloud and Data Center environments, Silicom's solutions increase throughput, decrease latency and boost the performance of servers and networking appliances, the infrastructure backbone that enables advanced Cloud architectures and leading technologies like NFV, SD-WAN and Cyber Security. Our innovative solutions for high-density networking, high-speed fabric switching, offloading and acceleration, which utilize a range of cutting-edge silicon technologies as well as FPGA-based solutions, are ideal for scaling-up and scaling-out ...