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.
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