MOUNTAIN VIEW, Calif., May 27, 2011 /PRNewswire/ -- Synopsys, Inc. (NASDAQ: SNPS), a world leader in software and IP for semiconductor design, verification and manufacturing, announced today that its board of directors has replenished its stock repurchase authorization. Under the replenished program, the company may repurchase Synopsys common stock with a market value up to $500 million.
"During the last four quarters, we have repurchased more than 14.5 million shares of Synopsys stock," said Brian Beattie, chief financial officer of Synopsys. "Replenishing the authorization demonstrates our board's confidence in the long-term growth of our business."
Purchases may be made beginning immediately and ending at such time as the authorized funds are spent or the program is discontinued. The program does not obligate Synopsys to acquire any particular amount of common stock, and the program may be modified or suspended at any time at Synopsys' discretion.
Synopsys, Inc. (Nasdaq: SNPS) is a world leader in electronic design automation (EDA), supplying the global electronics market with the software, intellectual property (IP) and services used in semiconductor design, verification and manufacturing. Synopsys' comprehensive, integrated portfolio of implementation, verification, IP, manufacturing and field-programmable gate array (FPGA) solutions helps address the key challenges designers and manufacturers face today, such as power and yield management, system-to-silicon verification and time-to-results. These technology-leading solutions help give Synopsys customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. Synopsys is headquartered in Mountain View, California, and has approximately 70 offices located throughout North America, Europe, Japan, Asia and India. Visit Synopsys online at http://www.synopsys.com/.
Certain statements in this press release including, but not limited to, any statements relating to the timing and extent of any stock repurchases are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include the fluctuations in the overall stock market and the price of Synopsys stock, the level of employee option grants and exercises and resulting dilution; Synopsys' use of cash for other purposes, conditions of the global economy as well as other factors detailed from time to time in the reports Synopsys files with the Securities and Exchange Commission including, including those described in the "Risk Factors" section of its most recent Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof, and, except as required by law, Synopsys disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
Lisa L. Ewbank
SOURCE Synopsys, Inc.