Elantec Semiconductor Inc. (Milpitas, CA) announced that its board of directors has authorized the repurchase of up to one million shares of its common stock. The repurchased stock will provide the company with treasure stock for general corporate purposes.
The stock purchases will occur from time to time, depending on market conditions and other corporate considerations. Elantec currently has approximately 22 million shares of common stock outstanding.
President and CEO Richard Beyer commented, “This decision reinforces our belief in the long-term value of the company as well as our confidence in our strategy and our growth prospects."
