Adobe Announces Program to Repurchase $2.0 Billion of Stock by End of FY2015

Adobe Systems

announced Thursday its Board of Directors has approved a new stock repurchase program granting the company authority to repurchase up to $2.0 billion in common stock through the end of fiscal 2015. Under the new stock repurchase program, which is designed to return value to Adobe's stockholders and minimize dilution from stock issuances, the company will repurchase shares in the open market and also enter into structured repurchase agreements with third parties. The new stock repurchase program approved by Adobe's Board of Directors is substantially similar to the company's previous program authorizing the repurchase of up to $1.6 billion in common stock through fiscal 2012, which authority has been exhausted. “This stock repurchase program reaffirms our confidence and optimism in the long-term future of Adobe, and our commitment to returning value to our stockholders,” said Mark Garrett, executive vice president and chief financial officer, Adobe