Symantec Board Authorizes Stock Buyback
Cupertino, Calif. --June 9, 1998-- The board of directors of Symantec Corporation (Nasdaq: SYMC) has authorized the repurchase of up to five percent of Symantec's outstanding shares of common stock by December 31, 1998. Among other things, the shares will be used for employee stock purchase programs and option grants. Symantec has approximately 56 million shares outstanding.
Symantec management met with financial analysts in New York today to present its strategy for the mobile professional market and discuss three new products: Norton Mobile Essentials, Symantec Mobile Update and pcTelecommute. President and CEO Gordon Eubanks also reported on the progress of the recently announced anti-virus alliance with IBM. He said that the early response and acceptance from customers was positive.
Symantec is the worldwide leader in utility software for business and personal computing. Our products and solutions help make users productive and keep their computers safe and reliable anywhere and anytime. Symantec offers a broad range of solutions and is acclaimed as a leader in both customer satisfaction and product brand recognition. Symantec is traded on Nasdaq under the symbol SYMC. More information on the company and its products can be obtained at www.symantec.com. A report on the meeting with financial analysts in New York will be available from June 10 on Symantec's investor relations web page at www.symantec.com/invest/index.html.
Symantec Forward Looking Statement
This press release contains some forward looking statements. There are certain important factors that could cause Symantec's future development efforts to differ materially from those anticipated by some of the statements made above. Among these are the anticipation of the growth of certain market segments, the positioning of Symantec's products in those segments, the competitive environment in the software industry, dependence on other products, changes to operating systems and product strategy by vendors of operating systems, and the importance of new Symantec products. Additional information concerning those and other factors is contained in the "Risk Factors" section of the company's annual report on Form 10-K for the fiscal year ended April 3, 1998.