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DALLAS (Jan. 23, 2006) – Texas Instruments Incorporated (TI) (NYSE:
TXN) today announced that its Board of Directors has authorized the company
to repurchase an additional $5 billion of its common stock. With this
announcement, TI has announced $10 billion in stock buybacks since September
2004. TI plans to repurchase shares at times and prices considered appropriate
by the company.
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“Safe
Harbor” Statement under the Private Securities Litigation Reform
Act of 1995: This release includes forward-looking statements intended
to qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
generally can be identified by phrases such as TI or its management “believes,”
“expects,” “anticipates,” “foresees,”
“forecasts,” “estimates” or other words or phrases
of similar import. Similarly, statements in this release that describe
the Company’s business strategy, outlook, objectives, plans, intentions
or goals also are forward-looking statements. All such forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from those in forward-looking statements.
We urge you to carefully consider the following important factors that
could cause actual results to differ materially from the expectations
of the Company or its management:
- Market
demand for semiconductors, particularly for analog chips and digital
signal
processors in key markets such as communications, entertainment electronics
and computing;
- TI’s
ability to maintain or improve profit margins, including its ability
to utilize its
manufacturing facilities at sufficient levels to cover its fixed operating
costs, in an
intensely competitive and cyclical industry;
- TI’s
ability to develop, manufacture and market innovative products in a
rapidly
changing technological environment;
- TI’s
ability to compete in products and prices in an intensely competitive
industry;
- TI’s
ability to maintain and enforce a strong intellectual property portfolio
and obtain
needed licenses from third parties;
- Consolidation
of TI’s patent licensees and market conditions reducing royalty
payments to TI;
- Economic,
social and political conditions in the countries in which TI, its customers
or its suppliers operate, including security risks, health conditions,
possible disruptions in transportation networks and fluctuations in
foreign currency exchange rates;
- Natural
events such as severe weather and earthquakes in the locations in which
TI, its customers or suppliers operate;
- Availability
and cost of raw materials, utilities and critical manufacturing equipment;
- Changes
in the tax rate applicable to TI as the result of changes in tax law,
the
jurisdictions in which profits are determined to be earned and taxed,
the outcome of tax audits and the ability to realize deferred tax assets;
- Losses
or curtailments of purchases from key customers and the timing and amount
of distributor and other customer inventory adjustments;
- Customer
demand that differs from company forecasts;
- The financial
impact of inadequate or excess TI inventories to meet demand that differs
from projections;
- Product
liability or warranty claims, or recalls by TI customers for a product
containing a TI part;
- TI’s
ability to recruit and retain skilled personnel; and
- Timely
implementation of new manufacturing technologies, installation of
manufacturing equipment and the ability to obtain needed third-party
foundry and
assembly/test subcontract services.
For a more
detailed discussion of these factors, see the text under the heading “Cautionary
Statements Regarding Future Results of Operations” in Item 1 of
the Company’s most recent Form 10-K. The forward-looking statements
included in this release are made only as of the date of publication,
and the Company undertakes no obligation to update the forward-looking
statements to reflect subsequent events or circumstances.
Texas
Instruments Incorporated provides innovative DSP and analog technologies
to meet our customers’ real world signal processing requirements.
In addition to Semiconductor, the company’s businesses include Sensors
& Controls and Education Technology. TI is headquartered
in Dallas, Texas, and has manufacturing, design or sales operations in
more than 25 countries.
Texas
Instruments is traded on the New York Stock Exchange under the symbol
TXN. More information is located on the World Wide Web at www.ti.com.
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