The Board of Directors of Silicon Motion Technology Corp. (NasdaqGS:SIMO) authorized a share repurchase program on January 22, 2013. Under the program, the company will repurchase up to $40 million of its American Depositary Shares.

Purchases under the new share repurchase program will be made in the open market or according to other methods in compliance with Rule 10b-18 of the Securities Exchange Act, subject to market conditions, applicable legal requirements and other factors. The company has sufficient cash to invest in the future, and additionally can return some of the excess funds to shareholders through a share repurchase. The plan does not obligate the company to acquire any particular amount of ADSs, and it may be suspended at any time at the company's discretion.