Adobe Systems Incorporated (Nasdaq:ADBE) today announced its Board of Directors has approved a new stock repurchase program that authorizes the Company to repurchase in aggregate up to 20 million shares of the Company's common stock. The Board also authorized an additional $500 million in funds to repurchase shares under its existing stock repurchase program designed to offset dilution from stock issuances.
“After a review of Adobe's financial position and cash flow projections, our Board concluded additional stock repurchases are consistent with our commitment to deliver value to our stockholders,” said Mark Garrett, chief financial officer of Adobe.
The repurchases will be funded from available working capital. As of March 2, 2007, Adobe had cash and cash equivalents of approximately $2.3 billion, and approximately 603.2 million diluted weighted average shares of common stock outstanding.
Stock repurchases under the programs may be made through open market repurchases, privately negotiated transactions or other structures, at times and in amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions.
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