Symantec Announces Stock Buy Back
Cupertino, Calif,. - March 22, 1999 - Symantec Corporation
(Nasdaq: SYMC) today announced the board of directors has authorized the
repurchase of up to $75 million of the Company's common stock. This is the
second stock buy-back program instituted by Symantec in less than a year.
"At the current valuation, we believe the repurchase of our stock is a good use
of funds," said Gordon Eubanks, Symantec's president and CEO. "This program
demonstrates our commitment to enhance long-term shareholder value."
The shares will be purchased from time to time in the open market. The timing of
purchases will be based on stock price and other market factors.
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 system, 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.
Symantec is the world leader in utility software for business and personal computing.
Symantec 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.
NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products,
view the Symantec Press Center at www.symantec.com/PressCenter/ on Symantec's Website.
Brands and products referenced herein are the trademarks or registered trademarks of their
respective holders. All prices noted are in US dollars and are valid only in the United States.