SOURCE: Actel Corporation

May 16, 2005 16:30 ET

Actel Adds 1 Million Shares to Its Stock Repurchase Program

MOUNTAIN VIEW, CA -- (MARKET WIRE) -- May 16, 2005 -- Actel Corporation (NASDAQ: ACTL) today announced the approval by its Board of Directors of authority to repurchase up to 1,000,000 additional shares of common stock under the company's stock repurchase program. This action will permit the company to continue repurchasing shares of its common stock as market and business conditions warrant. During the first quarter of 2005, Actel repurchased 627,500 shares of its outstanding stock for $9.8 million. Following the Board's action, the company has remaining authority to repurchase 1,610,803 shares under the program.

The stock repurchase program was instituted in 1998 for the purpose of replenishing some or all of the shares of common stock issued upon the exercise of stock options and in connection with other stock compensation plans. The overall objective of the program is to reduce or eliminate earnings per share dilution caused by the issuance of such shares. Repurchases may be made in the open market or in privately negotiated transactions. To date, Actel's Board of Directors has authorized the repurchase of 5,000,000 shares under the program, and 3,389,197 shares of common stock have been repurchased in the open market.

"We continue to believe that our common stock repurchase program provides an excellent opportunity to increase shareholder value," said John C. East, Actel president and CEO. "While any future stock repurchases are subject to market conditions and the consideration of alternative investment opportunities available from time to time, we remain committed to preserving and maximizing shareholder value."

Actel Corporation is a supplier of innovative programmable logic solutions, including field programmable gate arrays (FPGAs) based on antifuse and flash technologies, high-performance intellectual property (IP) cores, software development tools and design services, targeted for the high-speed communications, application-specific integrated circuit (ASIC) replacement and radiation-tolerant markets. Founded in 1985, Actel employs more than 500 people worldwide. The Company is traded on the Nasdaq National Market under the symbol ACTL and is headquartered at 2061 Stierlin Court, Mountain View, CA 94043-4655. Telephone: 888-99-ACTEL (992-2835). Internet: http://www.actel.com.

Editor's Note: The Actel name and logo are trademarks of Actel Corporation. All other trademarks and servicemarks are the property of their respective owners.

Contact Information

  • Contact:
    Jon Anderson
    Actel Corporation
    (650) 318-4445