CUPERTINO, Calif. - Jan. 17, 2001 – Symantec Corp. (Nasdaq: SYMC) today announced that its Board of Directors has authorized the company to repurchase up to $700 million worth of the corporation's outstanding common stock for cash in open market transactions at market prices and as business conditions warrant. As of December 31, 2000, the company had approximately 75 million shares outstanding.
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. No time limit was set for the completion of the program.
John W. Thompson, Symantec's chairman, president and CEO, noted that the Board decided to pursue this course of action after a review of the company's financial position and investment alternatives. "Just as we have an commitment to provide best-of-breed products to our customers, we have an obligation to bring value to our shareholders. Because of our strong cash position, we can implement this program without adversely affecting our own long-term plans."
Symantec is a world leader in Internet security technology and is traded on the NASDAQ under the symbol "SYMC."
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 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 risk that the Symantec and AXENT businesses will not be integrated successfully; the costs related to the merger; the difficulty of developing and marketing products that compete effectively with others and other economic, business, competitive and/or regulatory factors affecting Symantec's business generally. 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 the Company's previously filed Form 10-K for the year ended March 31, 2000 and Form 10-Q for the quarter ended September 29, 2000.