LSI Authorizes $500 Million Stock Repurchase Program

LSI Corporation announced that its board of directors has authorized the repurchase of up to $500 million of its common stock, with repurchases to be funded with available cash and short-term investments.

Under the terms of the authorization, shares may be repurchased from time to time in the open market or through privately negotiated transactions. The company will determine the timing and amount of any repurchases based on its evaluation of market conditions, business considerations and other factors.

This new program is in addition to the $75 million that remained available under the company’s existing $750 million authorization as of the end of second quarter.
 
"The new stock repurchase program reflects our confidence in our long-term prospects," said Bryon Look, LSI’s CFO. "As we demonstrated with our recent earnings results, we are generating solid operating cash flows and this new program reflects our goal of returning capital to our shareholders."