NVIDIA Announces Extension Of Its Stock Repurchase Program
SANTA CLARA, Calif. - NVIDIA Corp. (Nasdaq: NVDA) today announced an extension of its existing stock repurchase program, under which it may purchase up to $2.7 billion of its common stock through May 2013. Prior to this three-year extension, the program had been set to expire in May 2010. Since initially authorizing its stock repurchase program in August 2004, NVIDIA has spent $1.46 billion to repurchase 90.9 million shares of its common stock.
Any repurchases would be made in the open market, in privately negotiated transactions or in structured share repurchase programs, and may be made from time to time or in one or more larger repurchases. The program will be conducted in compliance with the SEC’s Rule 10b-18 and applicable legal requirements and shall be subject to market conditions and other factors.
The program does not obligate NVIDIA to acquire any particular amount of common stock and the program may be modified or suspended at any time at the Company’s discretion. The repurchases would be funded from available working capital.
As of January 31, 2010, NVIDIA had over $1.7 billion of cash, cash equivalents, and marketable securities.
NVIDIA (Nasdaq: NVDA) awakened the world to the power of computer graphics when it invented the GPU in 1999. Since then, it has consistently set new standards in visual computing with breathtaking, interactive graphics available on devices ranging from tablets and portable media players to notebooks and workstations. NVIDIA’s expertise in programmable GPUs has led to breakthroughs in parallel processing which make supercomputing inexpensive and widely accessible. The company holds more than 1,100 U.S. patents, including ones covering designs and insights which are fundamental to modern computing. For more information, see www.nvidia.com.
Certain statements in this press release including, but not limited to, any statements relating to: the timing and extent of any stock repurchases; investments of available funds; and expectations of long-term growth, are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations; are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; development of faster or more efficient technology; the impact of technological development and competition; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the reports NVIDIA files with the Securities and Exchange Commission, or SEC, including its Form 10-Q for the fiscal period ended October 25, 2009. Copies of reports filed with the SEC are posted on NVIDIA’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
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