Adobe Enters into Stock Repurchase Agreements for $400 Million
For immediate release
SAN JOSE, Calif., — June 24, 2010 — Adobe Systems Incorporated (Nasdaq:ADBE) today announced that it has entered into structured stock repurchase agreements with large third-party financial institutions for the repurchase of $400 million of its common stock. Adobe will repurchase shares under the agreements as part of the $1.6 billion stock repurchase authorization announced on June 22, 2010. The number of shares repurchased under the agreements will be based on a discount to the volume weighted average share price of Adobe’s stock over the duration of the contracts. In addition to the agreements entered into today, Adobe also has outstanding a $250 million structured stock repurchase agreement from March 2010, of which approximately $165.3 million of up-front payments remain.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements regarding Adobe’s stock repurchase program and structured stock repurchase agreements, including the number of shares to be repurchased and expected timing and duration, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: the price of Adobe’s stock during the duration of the agreements, the ability of the financial institution to execute trades in Adobe’s stock and the timing of such trades, and other risks and uncertainties described in Adobe’s SEC filings from time to time.
The forward-looking information set forth in this press release speaks only as of today’s date. Adobe does not undertake any obligation to update forward-looking statements.
About Adobe Systems Incorporated
Adobe revolutionizes how the world engages with ideas and information – anytime, anywhere and through any medium. For more information, visit www.adobe.com.
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© 2010 Adobe Systems Incorporated. All rights reserved. Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners.
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Contacts
Mike Saviage
Adobe Systems Incorporated
408-536-4416
ir@adobe.com
Holly Campbell
Adobe Systems Incorporated
408-536-6401
campbell@adobe.com
