Symantec Authorizes $3 Billion Expansion Of Common Share Repurchase Program

Symantec Authorizes $3 Billion Expansion Of Common Share Repurchase Program

Symantec Corp. (Nasdaq: SYMC) today announced that its Board of Directors has approved a $3 billion post-merger expansion of the company’s previously authorized share repurchase program to a total of $4.24 billion. Under the Board’s previous stock repurchase authorization, Symantec has already repurchased 98 million shares at an aggregated cost of $762 million between January 2001 and Feb. 25, 2005, leaving approximately $3.5 billion available for future repurchases.

During the period between the completion of the merger with VERITAS Software Corporation and March 31, 2006, Symantec expects to repurchase shares for cash in open market transactions at prevailing market prices and as business conditions warrant.

As of Feb. 25, 2005, the company had approximately 710 million shares outstanding and approximately $3 billion in cash and cash equivalents. The company expects to issue approximately 500 million additional shares in connection with the merger. Following the merger, the company expects to have approximately $5.5 billion in cash and cash equivalents.

John W. Thompson, Symantec’s chairman and CEO, noted that the Board approved an expanded post-merger repurchase program after a review of the company’s financial position and investment alternatives. “Just as we have a commitment to provide comprehensive security and availability solutions to address the needs of customers, we are committed to bringing value to our shareholders. Because of our strong cash position, we can implement this program without adversely affecting our long-term plans.”

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