DURHAM, N.C. -- On October 27, 2014, the board of directors of Cree, Inc. CREE, +2.83% (the “Company”) approved an increase in the amount of the Company’s stock repurchase program. Pursuant to the program, the Company is now authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $550 million for all purchases for fiscal 2015 (from June 30, 2014 through June 28, 2015).
During fiscal 2015 through today, the Company has repurchased 2.65 million shares of its common stock under the program at an average price of $36.54 per share with an aggregate value of $97 million. After this repurchase, there is $453 million in aggregate purchase price value remaining in the Company’s stock repurchase program through June 28, 2015. The repurchase program can be implemented through open market or privately negotiated transactions at the discretion of the Company’s management. The Company will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors.
Additionally, the board of directors of Cree, Inc. authorized the Company to secure an increase on its working capital line of credit facility, up to a maximum $500 million. The working capital line of credit will provide the Company flexibility to fund strategic opportunities and its general business needs.
About Cree, Inc.
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, lighting products and semiconductor products for power and radio frequency (RF) applications.
Cree's product families include LED lighting systems and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree's products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and inverters.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including market and other factors that may influence the total number of shares repurchased in the repurchase program, the Company’s ability to complete the increase to its line of credit and the risk factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 29, 2014 and subsequent filings.
Cree® and the Cree logo are registered trademarks of Cree, Inc.
Cree, Inc. - Raiford Garrabrant, Director, Investor Relations
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