SanDisk
Corporation (NASDAQ: SNDK),
a global leader in flash storage solutions, today announced that its
Board of Directors has authorized an additional $2.5 billion for common
stock repurchases under the company’s existing stock repurchase program.
The company began its capital return program in the fourth quarter of
fiscal 2011, and since that time the Board of Directors has authorized a
total of $6.25 billion for stock repurchases including the additional
authorization announced today. The company now has approximately $3.0
billion remaining available for stock repurchases under the expanded
program.
Under the expanded program, stock repurchases may be made from time to
time, and the actual amount expended will depend on a variety of
factors, including market conditions, regulatory and legal requirements,
corporate cash generation and other factors. The stock repurchases may
be made in both open market and privately negotiated transactions and
may include the use of derivative contracts, structured share repurchase
agreements and Rule 10b5-1 trading plans. The program does not obligate
SanDisk to repurchase any particular amount of common stock during any
period, and the program may be modified or suspended at any time at the
company's discretion.
Forward-Looking Statements
This news release contains certain forward-looking statements, including
statements about our intention to pursue the above stock repurchase
program, the manner in which such program may be implemented and our
future level of investment under such program, that are based on our
current expectations and involve numerous risks and uncertainties that
may cause these forward-looking statements to be inaccurate and may
significantly and adversely affect our business, financial condition and
results of operations. Risks that may cause these forward-looking
statements to be inaccurate include, among others, that the actual
amount expended on stock repurchases will depend on a variety of
factors, including market conditions, the amount of cash generated and
other factors; we are not obligated to repurchase any particular amount
of common stock during any period or at all; changes in our results of
operations, financial condition or strategic priorities may lead to a
modification, suspension or cancellation of the repurchase program,
which may occur at any time; we may change the manner in which we
effectuate the repurchase program; we may use substantially less than
the full amount authorized under the repurchase program; we may need to
use our free cash flow for other aspects of our business; and other
risks detailed from time-to-time under the caption "Risk Factors" and
elsewhere in our Securities and Exchange Commission filings and reports,
including, but not limited to, our annual report on Form 10-K and our
quarterly reports on Form 10-Q.
All statements made in this press release are made only as of the date
of this release. We undertake no obligation to update the information in
this release in the event facts or circumstances change after the date
of this release.
About SanDisk
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P 500 company,
is a global leader in flash storage solutions. For more than 25 years,
SanDisk has expanded the possibilities of storage, providing trusted and
innovative products that have transformed the electronics industry.
Today, SanDisk’s quality, state-of-the-art solutions are at the heart of
many of the world's largest data centers, and embedded in advanced smart
phones, tablets and PCs. SanDisk’s consumer products are available at
hundreds of thousands of retail stores worldwide. For more information,
visit www.sandisk.com.
© 2015 SanDisk Corporation. All rights reserved. SanDisk is a trademark
of SanDisk Corporation, registered in the United States and other
countries.
Copyright Business Wire 2015