CUPERTINO, Calif. - Jan. 21, 2004 - Symantec Corp. (Nasdaq:SYMC) today announced that its Board of Directors has increased the dollar amount of the company's authorized stock repurchase program from $700 million to $940 million. The company also stated its intent to adopt a repurchase plan under Rule 10b5-1 to facilitate such purchases, and that it expects to purchase approximately $60 million per quarter under this plan over the next year. The company may or may not make additional repurchases outside of the Rule 10b5-1 plan.
A portion of the repurchased shares may be used for the company's employee benefit plans, and the balance will be available for other general corporate purposes.
Symantec is the world leader in providing solutions to help individuals and enterprises assure the security, availability, and integrity of their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
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FORWARD LOOKING STATEMENT: This press release contains forward-looking statements, including forecasts of future revenue and earnings per share, expected industry patterns, and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates, particularly in consumer products; whether certain market segments, particularly enterprise security, grow as anticipated; the positioning of Symantec's products in those segments; the competitive environment in the software industry; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether Symantec can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors sections of Symantec’s previously filed Form 10-K and Form 10-Q.