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Adobe Announces Program to Repurchase $2.0 Billion of Stock by End of FY2017
Adobe Announces Program to Repurchase $2.0 Billion of Stock by End of FY2017.
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 includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks, uncertainties and other factors, including risks and uncertainties related to Adobe’s ability to successfully integrate Fotolia’s stock content service into Creative Cloud. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements regarding: the ease of use of any future Adobe stock content service, the functionality of the service’s commerce system, plans for integrating the service into Creative Cloud and other anticipated benefits of the transaction to Adobe; the ability of Adobe and Fotolia to close the announced transaction; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.
These risks, uncertainties and other factors, and the general risks associated with Adobe’s business, could cause actual results to differ materially from those referred to in the forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to Adobe and are qualified in their entirety by this cautionary statement. For a discussion of these and other risks and uncertainties, individuals should refer to Adobe's SEC filings. Adobe does not assume any obligation to update any such forward-looking statements or other statements included in this press.
About Adobe Systems Incorporated
Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.
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