Adobe Announces Program to Repurchase $2.0 Billion of Stock by End of FY2017
January 14 2015 - 4:25PM
Business Wire
Adobe Systems 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 2017. 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 $2.0 billion in common stock through fiscal
2015, which authority has been exhausted.
“As we continue to grow and execute on our key long-term goals,
we remain committed to returning value to our stockholders through
stock repurchases,” 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 August 29, 2014, and from time to time in other
reports filed with the SEC 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.
© 2015 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.
Investor Relations ContactAdobe Systems IncorporatedMike
Saviage, 408-536-4416ir@adobe.comorPublic Relations
ContactAdobe Systems IncorporatedColleen Rodriguez,
408-536-6803corodrig@adobe.com
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