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News Article

Novellus to buy back more stock

Novellus Systems Inc. has announced that its board of directors has approved an increase to Novellus' previously authorized stock repurchase program. The terms of the expanded program will permit Novellus to repurchase up to an aggregate of approximately $1.1 billion of its outstanding common stock through September 14, 2009. This represents an increase of $1 billion to the approximately $100 million remaining under the previously authorized program.
"We believe that our common stock repurchase program is an excellent use of capital to increase shareholder value," said Richard S. Hill, chairman and chief executive officer of Novellus.
Novellus is authorized to repurchase shares from time to time in the open market, through block trades or otherwise. The repurchases may be commenced or suspended at any time or from time to time without prior notice depending on prevailing market conditions and other factors. As of September 15, 2004, Novellus had approximately 139,961,463 shares outstanding. Since February 2004, Novellus has repurchased a total of approximately 14.4 million shares.
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