PRESS RELEASE DATED (1/29/2001)
Published on February 8, 2001
NEWS RELEASE
CONTACTS:
AMD
John Greenagel
AMD Public Relations
(408) 749-3310
E-mail: john.greenagel@amd.com
Exhibit 99.1
AMD BOARD AUTHORIZES $300 MILLION STOCK
REPURCHASE PROGRAM
SUNNYVALE, CA--January 29, 2001-AMD announced today the Board of Directors
has authorized a program to repurchase up to $300 million worth of shares over a
period of time to be determined by management. The stock repurchase plan
reflects the belief by AMD's Board of Directors and management that AMD's stock
is undervalued in the marketplace and represents a sound investment at its
recent trading prices.
"AMD's Board of Directors and management are confident in AMD's ability to
achieve long-term growth, and have designed this repurchase program to assist in
offsetting dilution from stock issuances under our employee equity incentive
plans," said W.J. Sanders III, chairman and chief executive officer.
These repurchases will be made in the open market or in privately
negotiated transactions from time to time in compliance with the SEC's Rule 1b-
18, subject to market conditions, applicable legal requirements and other
factors. This plan does not obligate AMD to acquire any particular amount of
common stock and the plan may be suspended at any time at the Company's
discretion.
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About AMD
AMD is a global supplier of integrated circuits for the personal and
networked computer and communications markets with manufacturing facilities in
the United States, Europe, Japan, and Asia. AMD produces microprocessors, flash
memory devices, and support circuitry for communications and networking
applications. Founded in 1969 and based in Sunnyvale, California, AMD had
revenues of $4.6 billion in 2000. (NYSE: AMD).
Cautionary Statement
This release contains forward-looking statements, which are made pursuant
to the safe harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements are generally preceded by words such as
"plans," "expects," "believes," "anticipates" or "intends." Investors are
cautioned that all forward-looking statements in this release involve risks and
uncertainty that could cause actual results to differ materially from current
expectations. Forward looking statements in this release include the risk that
the company will not achieve its plans for growth. We urge investors to review
in detail the risks and uncertainties in the Company's filings with the United
States Securities Exchange Commission.
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AMD, the AMD logo and combinations thereof, are trademarks of Advanced Micro
Devices, Inc.