Lattice Semiconductor Announces Stock Repurchase Program

Rhea-AI Summary

Lattice Semiconductor Corporation (NASDAQ: LSCC) announced a new share repurchase program authorized by its Board of Directors, allowing up to $100 million for buybacks through December 2022. This program adds to a previously authorized $60 million buyback plan from February 2021, of which $4.9 million remains. CFO Sherri Luther highlighted that this move signifies strong cash generation and the company’s dedication to enhancing shareholder value.

Positive

• Authorization of an additional $100 million share repurchase program signals strong financial health and commitment to shareholder value.
• Previous buyback program (February 2021) had $4.9 million remaining, indicating previous commitment to share repurchases.

Negative

• None.

HILLSBORO, Ore.--(BUSINESS WIRE)-- Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, today announced that its Board of Directors has authorized the Company to repurchase up to an additional $100 million of its outstanding common stock through the end of December 2022.

Sherri Luther, Chief Financial Officer, said, "This share repurchase program reflects the strong cash generation and financial strength of our business, reinforcing our commitment to delivering shareholder value.”

The authorization to repurchase up to $100 million of Lattice’s common stock is in addition to the authorization by the Board of Directors, on February 19, 2021, to repurchase up to $60 million of its outstanding common stock until February 19, 2022. As of October 2, 2021, $4.9 million remained available to repurchase shares under the February 19, 2021 authorization.

Under the program, Lattice may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under this program will depend on market conditions, share price, corporate and regulatory considerations and other factors. The Company intends to conduct the program in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchase program may be suspended or discontinued by the Company at any time.

Forward-Looking Statements Notice:

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include, but are not limited to, statements relating to: the amount of our outstanding capital stock we plan to or will purchase under the repurchase program. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology.

Actual results may differ materially from our expectations and are subject to risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its Annual Report on Form 10-K for the fiscal year ended January 2, 2021, and Lattice’s quarterly reports filed on Form 10-Q. Lattice believes these and other risks and uncertainties could cause actual results to differ materially from the forward-looking statements. You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Lattice Semiconductor Corporation:

Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive and consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure and connected world.

For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube, WeChat, Weibo or Youku.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211108005312/en/

MEDIA:

Sophia Hong

Lattice Semiconductor Corporation

503-268-8786

Sophia.Hong@latticesemi.com

INVESTORS:

Rick Muscha

Lattice Semiconductor Corporation

408-826-6000

Rick.Muscha@latticesemi.com

Source: Lattice Semiconductor Corporation

FAQ

What is the amount authorized for the new Lattice Semiconductor share repurchase program?

Lattice Semiconductor has authorized a new share repurchase program of up to $100 million.

What was the previous share repurchase authorization amount for Lattice Semiconductor?

The previous share repurchase authorization was for up to $60 million.

When does the new share repurchase program for LSCC expire?

The new share repurchase program is set to expire at the end of December 2022.

What does the share repurchase program signify for LSCC investors?

The share repurchase program indicates strong cash generation and a commitment to enhancing shareholder value.