SOURCE: Intersil

December 18, 2006 16:05 ET

Intersil Announces $400 Million Stock Repurchase Program

MILPITAS, CA -- (MARKET WIRE) -- December 18, 2006 -- Intersil Corporation (NASDAQ: ISIL), a world leader in the design and manufacture of high performance analog semiconductors, today announced that its board of directors has authorized a program to repurchase up to $400 million of Intersil's common stock over the next twelve months. Currently, the company has approximately 138 million shares of common stock outstanding.

"This repurchase program will be funded using future free cash flow and a portion of our cash on hand," said Dave Zinsner, vice president and CFO. "The repurchase program, together with our dividend, reinforces our commitment to provide value to our shareholders."

About Intersil

Intersil Corporation is a leader in the design and manufacture of high-performance analog semiconductors. The Company's products address some of the industry's fastest growing markets such as flat panel displays, cell phones, handheld products and notebook computing. Intersil's product families address both power management and analog signal processing functions. Intersil products include ICs for battery management; hot-swap and hot-plug controllers; linear regulators; supervisory ICs; switching DC/DC regulators; power MOSFET drivers; optical storage laser diode drivers; DSL line drivers; video and high-performance operational amplifiers; data converters; interface ICs; analog switches and multiplexers; crosspoint switches; voice-over-IP devices; and ICs for military, space and radiation-hardened applications. For more information about Intersil or to find out how to become a member of our winning team, visit the Company's web site and career page at www.intersil.com.

FORWARD-LOOKING STATEMENTS

Intersil Corporation press releases and other related comments may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon Intersil Corporation's ("Intersil") management's current expectations, estimates, beliefs, assumptions, and projections about Intersil's business and industry. Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "potential," "continue," "goals," "targets," and variations of these words (or negatives of these words) or similar expressions, are intended to identify forward-looking statements. In addition, any statements that refer to projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors. Intersil does not adopt and is not responsible for any forward-looking statements and projections made by others in this press release. Intersil's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Intersil filings with the U.S. Securities and Exchange Commission ("SEC") (which you may obtain for free at the SEC's web site at http://www.sec.gov) discuss some of the important risk factors that may affect our business, results of operations, and financial condition. These forward-looking statements are made only as of the date of this communication and Intersil undertakes no obligation to update or revise these forward-looking statements.

Contact Information

  • Contact:
    Sanjay Arora
    Intersil Investor Relations
    Tel: (408) 546-3454
    E-Mail: Email Contact