CUPERTINO, Calif. - Oct. 20, 2004 - Symantec Corp. (Nasdaq: SYMC), the global leader in information security, today announced that its Board of Directors has increased the dollar amount of the company's authorized stock repurchase program from $940 million to $1.24 billion. The company had previously announced a repurchase plan under Rule 10b5-1 to facilitate such purchases. Symantec expects to purchase approximately $60 million per quarter under this plan through March 2006.
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 the amount of stock we expect to purchase each quarter under our stock repurchase program, that involve known and unknown risks, uncertainties and other factors that may cause the actual levels of stock repurchase activity to differ materially from that expressed or implied by this press release. Such risk factors include, among others: general market conditions; fluctuations in stock price; and changes in our financial position. The actual level of stock repurchase activity may differ materially from that 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 recently filed Form 10-Q. Symantec assumes no obligation to update any forward-looking information contained in this press release.