The Semtech Corp. board of directors approved a $50 million stock buyback program, the company has announced. The purchases will be made through open market transactions and negotiations. The announcement was made the same day the Camarillo-based semiconductor manufacturer reported a significant increase in net income for the fourth quarter when compared with last year. Semtech had a net income of $14.9 million, or $0.23 per diluted share, on revenues of $78.6 million for the quarter ending Jan. 27. For the same period last year, the company reported net income of $4.6 million, or $0.06 per diluted share, on revenues of $58 million.
