LSI Corporation has declared a quarterly cash dividend of $0.03 per common share. The dividend is payable on September 20, 2013, to stockholders of record on September 6, 2013.
LSI is benefiting from the massive growth of data and its demands on storage and networking in data centers and mobile networks. As a result, we are generating strong free cash flow from our businesses, and the announcement of a dividend demonstrates our confidence in our long-term ability to return capital to our stockholders and to continue investments important to our growth, such as research and development for future products, said Abhi Talwalkar, President and CEO, LSI Corporation.
The dividend will be paid from U.S. earnings and is expected to be treated as dividend income to stockholders for U.S. tax purposes, although the final determination of the tax treatment of the dividend will be made after LSI’s fiscal 2013 year end.
LSI has also outlined its intent to continue allocating capital to its share repurchase programme, which has returned over $2 billion of cash to stockholders over the last six years. LSI has over $356 million available for future share repurchases under its existing authorization.
