Veeco Instruments Inc. announced that its Board of Directors has authorized the repurchase of up to $200 million of the Company's common stock over the next year.
"This authorization reflects our continued confidence in and positive outlook for our business," said John R. Peeler, Veeco's Chief Executive Officer. "Our strong cash position and cash flow from operations will allow us to execute share repurchases while retaining the flexibility to continue to invest in other opportunities to grow our business. Our Board of Directors strongly believes that Veeco's stock currently presents an attractive investment for the Company and its stockholders."
Repurchases are expected to be made from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions, SEC regulations, and other factors. The repurchases will be funded using the Company's available cash balances and cash generated from operations. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company's discretion.