Silicon Systems' board of directors authorized the repurchase of up to 500,000 shares, or about 8% of its common stock outstanding, over the next 90 days.
The company is the latest of 12 Orange County firms that have instituted buyback programs since the Oct. 19 crash sent stock prices plummeting.
Depending on market conditions, Silicon Systems said, it will acquire the shares in the open market or through privately negotiated transactions. The company said it believes its stock, at current prices, represents a favorable buying opportunity. Managing firms for the repurchase program are L.F. Rothschild & Co. Inc. and Robertson Colman & Stephens.
Silicon Systems, is a Tustin-based designer, manufacturer and marketer of custom and standard application integrated circuits for the telecommunications and microcomputer markets.