Milpitas, Calif. -- LSI, a Milpitas-based designer of semiconductors and software that accelerate storage and networking, said on Thursday that its board has authorized the company to repurchase up to $500 million of its stock. The new program is on top of the $75 million that remained available under the company's existing $750 million authorization as of the end of second quarter. "The new stock repurchase program reflects our confidence in our long-term prospects," said CFO Bryon Look. "As we demonstrated with our recent earnings results, we are generating solid operating cash flows and this new program reflects our goal of returning capital to our shareholders."
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