SOURCE: Actel Corporation

February 29, 2008 11:59 ET

Actel Adds One Million Shares to Its Stock Repurchase Program

MOUNTAIN VIEW, CA--(Marketwire - February 29, 2008) - Actel Corporation (NASDAQ: ACTL) today announced the approval by its Board of Directors of authority to repurchase up to 1,000,000 more 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 from time to time as market and business conditions warrant. Including the 1,000,000 shares most recently authorized, the Company has remaining authority to repurchase 1,803,520 shares under the program.

The program was instituted in 1998 for the purpose of replenishing some or all of the shares of Common Stock issued upon 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 additional 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 6,000,000 shares under the program, and 4,196,480 shares of Common Stock have been repurchased on 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."

About Actel

Attacking power consumption from both the chip and the system levels, Actel Corporation's innovative FPGAs and programmable system chip solutions enable power-efficient design. The Company trades on the NASDAQ National Market under the symbol ACTL and is headquartered at 2061 Stierlin Court, Mountain View, Calif., 94043-4655. For more information about Actel, visit Telephone: 888-99-ACTEL (992-2835).

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