SUNNYVALE, CA--(Marketwired - Dec 9, 2013) - Fortinet® (NASDAQ: FTNT) -- a leader in high-performance network security -- today announced that its Board of Directors has authorized a share repurchase program of up to $200 million through December 31, 2014. Share repurchases may be made by the company from time to time in privately negotiated transactions or in open market transactions.
"The implementation of our first share repurchase program reflects Fortinet's confidence in the long-term strength and strategy of the company, as well as our commitment to returning shareholder value," said Ken Xie, Fortinet's Founder, Chairman and CEO. "Though we remain focused on continuing to invest in our business to capitalize on our growth opportunities, at the same time, Fortinet's financial performance and healthy cash flow generation allows us to be confident and opportunistic in repurchasing shares."
The actual timing, number and value of shares repurchased under the program will be determined by Fortinet management at its discretion, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions and applicable legal requirements. This program does not oblige Fortinet to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.
About Fortinet (www.fortinet.com)
Fortinet (NASDAQ: FTNT) is a worldwide provider of network security appliances and a market leader in unified threat management (UTM). Our products and subscription services provide broad, integrated and high-performance protection against dynamic security threats while simplifying the IT security infrastructure. Our customers include enterprises, service providers and government entities worldwide, including a majority of the 2012 Fortune Global 100. Fortinet's flagship FortiGate product delivers ASIC-accelerated performance and integrates multiple layers of security designed to help protect against application and network threats. Fortinet's broad product line goes beyond UTM to help secure the extended enterprise -- from endpoints, to the perimeter and the core, including databases and applications. Fortinet is headquartered in Sunnyvale, Calif., with offices around the world.
Copyright © 2013 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiDB and FortiWeb. Other trademarks belong to their respective owners.
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Forward-looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our business prospects and timing of share repurchases. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Important factors that could cause results to differ materially from the statements herein include the following: the price per share of our common stock; general market and business conditions; applicable legal requirements, the fact that management may not fully utilize the authorized amount due to market conditions, changes in the business or otherwise; and the success of Fortinet's business, cash flows and financial results, which could be affected by any of the items discussed in the "Risk Factors" section ; our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.