|[April 12, 2012]
Adobe Announces Program to Repurchase $2.0 Billion of Stock by End of FY2015
SAN JOSE, Calif. --(Business Wire)--
Adobe Systems (News - Alert) Incorporated (Nasdaq:ADBE) today announced its Board of
Directors has approved a new stock repurchase program granting the
company authority to repurchase up to $2.0 billion in common stock
through the end of fiscal 2015. Under the new stock repurchase program,
which is designed to return value to Adobe's stockholders and minimize
dilution from stock issuances, the company will repurchase shares in the
open market and also enter into structured repurchase agreements with
third parties. The new stock repurchase program approved by Adobe's
Board of Directors is substantially similar to the company's previous
program authorizing the repurchase of up to $1.6 billion in common stock
through fiscal 2012, which authority has been exhausted.
"This stockrepurchase program reaffirms our confidence and optimism in
the long-term future of Adobe, and our commitment to returning value to
our stockholders," said Mark Garrett, executive vice president and chief
financial officer, Adobe.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those
related to Adobe's stock repurchases and business momentum, which
involve risks and uncertainties that could cause actual results to
differ materially, including but not limited to, risks described in
Adobe's quarterly report on Form 10-Q for the period ended March 2,
2012, and from time to time in other reports filed with the SEC (News - Alert) by
Adobe. For further discussion of these and other risks and
uncertainties, individuals should refer to Adobe's SEC filings.
About Adobe Systems Incorporated
Adobe is changing the world through digital experiences. For more
information, visit www.adobe.com.
© 2012 Adobe Systems Incorporated. All rights reserved. Adobe and the
Adobe logo are either registered trademarks or trademarks of Adobe
Systems Incorporated in the United States and/or other countries. All
other trademarks are the property of their respective owners.
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