Ichor Announces $50 Million Increase to Share Repurchase Program
August 20, 2018
Incremental Buyback Program Follows $50 Million Plan Completed in
“We expect 2018 will be another record revenue year for Ichor, with
revenue growth outperforming the industry, along with increasing gross
and operating margins year-over-year, record earnings, and significant
free cash flow generation,” commented Chairman and CEO
This $50 million increase in the share repurchase program is effective immediately and will be funded using a combination of our available cash, future cash flows, and incremental borrowing under our revolving credit facility. Share repurchases under this program may be made through open market or privately negotiated transactions, at times and in such amounts as the board and management deem appropriate, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares, and we may commence, suspend or discontinue purchases of ordinary shares under this authorization at any time or periodically without prior notice.
As of
About Ichor
We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. Our product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also manufacture precision machined components, weldments, and proprietary products for use in fluid delivery systems for direct sales to our customers. We also manufacture certain components for internal use in fluid delivery systems and for direct sales to our customers. This vertically integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively. We are headquartered in Fremont, CA. www.ichorsystems.com.
Safe Harbor Statement
Certain statements in this release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "guidance," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," “look forward,” and similar expressions are used to identify these forward-looking statements. Our expectations about full year results are subject to revision. Accordingly, as we complete our normal quarter-end and year-end closing and review processes, actual results could differ materially from these preliminary expectations.
Examples of forward-looking statements include, but are not limited to,
statements regarding expected revenue, margin and cash flow performance
for 2018, as well as any other statement that does not directly relate
to any historical or current fact. Forward-looking statements are based
on management’s current expectations and assumptions regarding Ichor’s
business and industry, the economy and other future conditions, which
may not prove to be accurate. These statements are not guarantees and
are subject to risks, uncertainties and changes in circumstances that
are difficult to predict. Accordingly, you are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date they are made. Many factors could cause actual
results to differ materially and adversely from these forward-looking
statements, including: (1) dependence on expenditures by manufacturers
and cyclical downturns in the semiconductor capital equipment industry,
(2) reliance on a very small number of original equipment manufacturers
for a significant portion of sales, (3) negotiating leverage held by our
customers, (4) competitiveness and rapid evolution of the industries in
which we participate, (5) risks associated with weakness in the global
economy and geopolitical instability, (6) keeping pace with developments
in the industries we serve and with technological innovation generally,
(7) designing, developing and introducing new products that are accepted
by original equipment manufacturers in order to retain our existing
customers and obtain new customers, (8) managing our manufacturing and
procurement process effectively, (9) defects in our products that could
damage our reputation, decrease market acceptance and result in
potentially costly litigation, (10) unexpected warranty and performance
guarantee claims, (11) dependence on a limited number of suppliers and
(12) the integration of recent acquisitions with Ichor, including the
ability to retain customers, suppliers and key employees. Additional
information concerning these and other factors can be found in Ichor's
filings with the
All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. We undertake no obligation to update or revise any forward-looking statements contained herein, whether as a result of actual results, changes in Ichor’s expectations, future events or developments, or otherwise, except as required by law.
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CFO
or
IR
IR@ichorsystems.com
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