Published on November 25, 2009 at 8:29 AM
Illumina, Inc. (NASDAQ:ILMN) today announced that its Board of Directors has approved a new stock repurchase program, authorizing the company to repurchase in the aggregate up to $100 million of its outstanding common stock. The $75 million share repurchase program originally announced on August 24, 2009, recently has been completed.
"Considering the strength of our balance sheet and our prospects for continued strong cash generation from our operations, this repurchase program is an effective means to return value to our shareholders," said Jay Flatley, Illumina's president and chief executive officer.
Under the program authorized by the company’s Board of Directors, shares may be purchased either through open market purchases or under a 10b5-1 trading program. The purchases will be funded from existing cash balances.
A trading program under Rule 10b5-1 allows a company to purchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or self-imposed trading blackout periods. A broker selected by Illumina will have the authority under the terms and limitations specified in the plan to repurchase shares on the company's behalf in accordance with the terms of the plan.
SOURCE Illumina