SanDisk Expands Stock Repurchase Program by $2.5 Billion
January 21 2015 - 4:05PM
Business Wire
SanDisk Corporation (NASDAQ: SNDK), a global leader in flash
storage solutions, today announced that its Board of Directors has
authorized an additional $2.5 billion for common stock repurchases
under the company’s existing stock repurchase program. The company
began its capital return program in the fourth quarter of fiscal
2011, and since that time the Board of Directors has authorized a
total of $6.25 billion for stock repurchases including the
additional authorization announced today. The company now has
approximately $3.0 billion remaining available for stock
repurchases under the expanded program.
Under the expanded program, stock repurchases may be made from
time to time, and the actual amount expended will depend on a
variety of factors, including market conditions, regulatory and
legal requirements, corporate cash generation and other factors.
The stock repurchases may be made in both open market and privately
negotiated transactions and may include the use of derivative
contracts, structured share repurchase agreements and Rule 10b5-1
trading plans. The program does not obligate SanDisk to repurchase
any particular amount of common stock during any period, and the
program may be modified or suspended at any time at the company's
discretion.
Forward-Looking Statements
This news release contains certain forward-looking statements,
including statements about our intention to pursue the above stock
repurchase program, the manner in which such program may be
implemented and our future level of investment under such program,
that are based on our current expectations and involve numerous
risks and uncertainties that may cause these forward-looking
statements to be inaccurate and may significantly and adversely
affect our business, financial condition and results of operations.
Risks that may cause these forward-looking statements to be
inaccurate include, among others, that the actual amount expended
on stock repurchases will depend on a variety of factors, including
market conditions, the amount of cash generated and other factors;
we are not obligated to repurchase any particular amount of common
stock during any period or at all; changes in our results of
operations, financial condition or strategic priorities may lead to
a modification, suspension or cancellation of the repurchase
program, which may occur at any time; we may change the manner in
which we effectuate the repurchase program; we may use
substantially less than the full amount authorized under the
repurchase program; we may need to use our free cash flow for other
aspects of our business; and other risks detailed from time-to-time
under the caption "Risk Factors" and elsewhere in our Securities
and Exchange Commission filings and reports, including, but not
limited to, our annual report on Form 10-K and our quarterly
reports on Form 10-Q.
All statements made in this press release are made only as of
the date of this release. We undertake no obligation to update the
information in this release in the event facts or circumstances
change after the date of this release.
About SanDisk
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P
500 company, is a global leader in flash storage solutions. For
more than 25 years, SanDisk has expanded the possibilities of
storage, providing trusted and innovative products that have
transformed the electronics industry. Today, SanDisk’s quality,
state-of-the-art solutions are at the heart of many of the world's
largest data centers, and embedded in advanced smart phones,
tablets and PCs. SanDisk’s consumer products are available at
hundreds of thousands of retail stores worldwide. For more
information, visit www.sandisk.com.
© 2015 SanDisk Corporation. All rights reserved. SanDisk is a
trademark of SanDisk Corporation, registered in the United States
and other countries.
SanDisk CorporationInvestor Contacts:Jay
Iyer408-801-2067jay.iyer@sandisk.comBrendan
Lahiff408-801-1732brendan.lahiff@sandisk.comorMedia
Contact:Michael
Diamond408-801-1108michael.diamond@sandisk.com
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