NORWOOD, Mass.--(BUSINESS WIRE)--
Analog Devices, Inc. (NASDAQ: ADI)
today announced that its Board of Directors has voted to increase its
quarterly dividend by 9 percent to $0.37 from $0.34 per outstanding
share of common stock.
In addition, the Board of Directors has approved an increase to the
Company's share repurchase authorization to $1 billion. As of February
1, 2014, the Company had $443 million remaining under its previous
authorization.
"The cash dividend we initiated over ten years ago continues to be the
foundation of our capital allocation strategy," said Vincent Roche,
President and CEO. "Our strong cash flow supports regular dividend
increases, which together with the one billion dollar share repurchase
authorization, further enhances shareholder returns."
Since the first dividend was paid in December 2003, ADI has paid a cash
dividend to shareholders every quarter. The Company has increased its
dividend 11 times, and has paid a total of $2.5 billion in dividends to
shareholders over that period. The increase is effective with the
dividend payable on March 11, 2014 to shareholders of record as of the
close of business on February 28, 2014. The payment of any future
quarterly dividends will be at the discretion of the Board and will be
dependent upon ADI's financial position, results of operations, outlook,
liquidity, and other factors deemed relevant by the Board.
Since the commencement of the Company's repurchase program in fiscal
year 2004, the Company has repurchased approximately $4.6 billion of its
outstanding shares. Under the program, the Company may repurchase shares
from time to time on the open market or in privately negotiated
transactions. ADI management will determine the timing and amount of
shares repurchased.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars on
which Analog Devices has built one of the longest standing, highest
growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 60,000 customers,
representing virtually all types of electronic equipment. Analog Devices
is headquartered in Norwood, Massachusetts, with design and
manufacturing facilities throughout the world. Analog Devices' common
stock is included in the S&P 500 Index.
Analog Devices, Inc.
Ali Husain, 781-461-3282
Director of
Investor Relations
781-461-3491 (fax)
investor.relations@analog.com
Source: Analog Devices, Inc.
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