Applied Materials Extends Share Repurchase Program
SANTA CLARA, Calif.--(BUSINESS WIRE)--March 24, 2004--Applied Materials, Inc. today announced that at a regularly scheduled meeting, the Board of Directors extended the company's share repurchase program, following the expiration on March 24, 2004 of its prior share repurchase authorization. The company will continue its ongoing systematic stock repurchase program, and may also make additional share repurchases from time to time, depending on market conditions, share price and other factors. This new authorization allows the company to repurchase up to $3 billion of its common stock over the next three years in the open market.
The purpose of the repurchase program is to acquire shares to fund the company's broad-based stock option employee benefit and incentive programs, including stock option and employee stock purchase plans, thus reducing dilution to stockholders.
As of February 1, 2004, Applied Materials had approximately 1.69 billion shares of common stock outstanding.
Applied Materials (Nasdaq:AMAT) is the largest supplier of equipment and services to the global semiconductor industry. Applied Materials' web site is http://www.appliedmaterials.com.
CONTACT: Applied Materials, Inc.
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SOURCE: Applied Materials, Inc.