SOURCE: Varian Semiconductor

November 16, 2007 15:20 ET

Varian Semiconductor Amends Its Existing Stock Repurchase Program

GLOUCESTER, MA--(Marketwire - November 16, 2007) - Varian Semiconductor Equipment Associates, Inc. (NASDAQ: VSEA) today announced that its Board of Directors amended its stock repurchase program by increasing the amount of funds that may be expended in repurchasing Varian Semiconductor's common stock from $600,000,000 to $700,000,000. To date, cash expenditures have amounted to approximately $583,000,000. Subject to the $700,000,000 limitation, of which approximately $117,000,000 remains available for repurchases, the timing and quantity of any stock repurchases will be at the sole discretion of Varian Semiconductor.

The stock repurchases may be made from time to time on the open market. The timing and amount of any shares repurchased will be determined by Varian Semiconductor's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when Varian Semiconductor might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. The repurchase program will be funded using Varian Semiconductor's working capital.

About Varian Semiconductor

Varian Semiconductor Equipment Associates is the leading supplier of ion implant equipment to semiconductor manufacturers, enabling them to pack more, higher performing transistors into computer chips that are revolutionizing the electronics industry. Varian Semiconductor's products are used by chip manufacturers worldwide to produce high-performance semiconductor devices. Customers have made Varian Semiconductor the market leader in ion implant because of its architecturally superior products that lower their costs and improve their productivity. The Company has ranked #1 in the VLSI Research Customer Satisfaction Survey 10 times over the last 11 years. Varian Semiconductor operates globally and is headquartered in Gloucester, Massachusetts. More information can be found on Varian Semiconductor's web site at www.vsea.com.

Note: This release contains forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. For this purpose, the statements concerning the Company's stock repurchase program are forward-looking statements. There are a number of important risks and factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, volatility in the semiconductor equipment industry; economic conditions in general and as they affect the Company's customers; significant fluctuations in the Company's quarterly operating results; the impact of rapid technological change; the Company's dependence on the development and introduction of new products; the Company's concentration on ion implantation systems and related products; concentration in the Company's customer base and lengthy sales cycles; the highly competitive market in which the Company competes; the risks associated with international sales; foreign currency risks; and general economic conditions; and other factors identified in the Company's Annual Report on Form 10-K, and the most recent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release.

Contact Information

  • Contacts:
    Bob Halliday
    Executive Vice President
    Chief Financial Officer
    978.282.7597
    or
    Tom Baker
    Vice President of Finance
    978.282.2301