Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, todayannounced that its board of directors has authorized an extension and expansion to the company’s on-going share repurchase program. Under the updated plan, effective immediately, Check Point is authorized to repurchase up to $200 million of its outstanding shares each quarter up to an aggregate of $1.0 billion. In 2013 we repurchased approximately 10.1 million shares in an aggregate amount of approximately $538 million which represented an average repurchase per quarter of $135 million.
As of December 31, 2013, Check Point has approximately 192.3 million ordinary shares outstanding. Check Point started its share buyback program in 2003, and has since repurchased approximately 104.5 million shares for a total purchase price of approximately $3.1 billion. The new plan replaces the previous repurchase plan adopted in July 2012, which provided for the repurchase of shares for $1 billion over a period of two years.
“We believe that our market leadership and long term growth prospects make this an effective time to further utilize our cash to increase shareholder value,” concluded Tal Payne, Chief Financial Officer of Check Point Software Technologies Ltd.
Share purchases will take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Such purchases will be made in accordance with applicable U.S. securities laws and regulations. For all or a portion of the authorized repurchase amount, Check Point may enter into a plan that is compliant with Rule 10b5-1 of the United States Securities Exchange Act of 1934 that is designed to facilitate these purchases. The repurchase program does not require Check Point to acquire a specific number of shares, and may be suspended from time to time or discontinued. The share repurchases will be funded from available working capital.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding our share repurchase program, including the time and amounts of any repurchases. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that we will not execute on our share repurchase program in the manner expected, including with respect to timing and amounts of repurchases. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Check Point’s filings with the Securities and Exchange Commission, including our annual report filed on Form 20-F for the year ended December 31, 2012, and our reports on Form 6-K. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements.
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