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Novellus Systems announces stock repurchase.

SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 10, 1995--Novellus Systems Inc. (NASDAQ: NVLS) announced Friday that it recently repurchased 51,000 shares of its common stock in the open market for an aggregate consideration of $2,453,000.

This amount approximately reflects the proceeds received by Novellus during the quarter ended Dec. 31, 1994 from the exercise of stock options by Novellus employees under its stock option and stock purchase plans. These repurchases were made by Novellus as part of its stock repurchase program initiated in 1992. Under this program, Novellus has repurchased 105,000 shares to date and is authorized to repurchase an additional 595,000 shares in the open market.

Novellus' vice president of finance, William J. Wall, commented on these recent repurchases by stating, "These repurchases reflect Novellus' continuing efforts to enhance shareholder value. Through these share repurchases, Novellus is able to reduce the dilutive effect of our employee equity plans, while we continue to maintain appropriate levels of equity incentives for our work force. Subject to market conditions and Novellus' cash requirements, we intend to continue this program and apply proceeds from employee option exercises on a quarterly basis for the repurchase of Novellus stock as the means to continue our existing share repurchase program."

Novellus Systems Inc. manufactures, markets, and services advanced automated wafer fabrication system for chemical vapor deposition of thin films. All Novellus CVD systems are designed to solve manufacturing cost problems for the worldwide semiconductor manufacturing industry. Novellus stock is traded on the NASDAQ National Market System under the symbol "NVLS."

CONTACT: Novellus Systems Inc.

William J. Wall, 408/943-9700
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Publication:Business Wire
Date:Feb 10, 1995
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