Adobe Announces Additional Share Repurchase Authorization of 30 Million Shares
Adobe Systems Incorporated (Nasdaq:ADBE) today announced its Board of Directors has approved a 30 million share increase to the stock repurchase program announced in April 2007. The additional authorization augments the original 20 million share repurchase program, bringing it to a total of 50 million shares. As of Nov. 30, 2007, Adobe had repurchased 17.7 million shares under the original authorization. This stock repurchase program is in addition to the ongoing stock repurchase program initiated by the company in 1998 to offset dilution from employee stock programs.
“The increase to this stock repurchase program demonstrates Adobe’s commitment to deliver long-term value to its stockholders,” said Mark Garrett, executive vice president and chief financial officer of Adobe.
As of Nov. 30, 2007, Adobe had cash and cash equivalents of approximately $2 billion, and approximately 587.9 million diluted weighted average shares of common stock outstanding.
Stock repurchases under Adobe’s stock repurchase programs may be made at times and in amounts as management deems appropriate through open market repurchases, and through privately negotiated transactions or other structures. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, corporate and regulatory requirements, alternative investment opportunities and other market conditions.
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