SanDisk Expands Stock Repurchase Program
$1 Billion Available for Stock Repurchase
MILPITAS, Calif.--(BUSINESS WIRE)-- SanDisk Corporation (NASDAQ: SNDK), a global leader in flash memory storage solutions, today announced that its Board of Directors has authorized an additional $750 million for common stock repurchases. This increases the total amount authorized for stock repurchases under the current program to $1.25 billion. The current repurchase program was established on Oct. 27, 2011 and will expire on Oct. 26, 2016. To date under this program, the company has used approximately $234 million for stock repurchases and approximately $1.016 billion remains available.
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.
SanDisk Corporation (NAS: SNDK) is a global leader in flash memory storage solutions, from research and development, product design and manufacturing to branding and distribution for OEM and retail channels. Since 1988, SanDisk's innovations in flash memory and storage system technologies have provided customers with new and transformational digital experiences. SanDisk's diverse product portfolio includes flash memory cards and embedded solutions used in smart phones, tablets, digital cameras, camcorders, digital media players and other consumer electronic devices, as well as USB flash drives and solid-state drives (SSD) for the computing market. SanDisk's products are used by consumers and enterprise customers around the world.
SanDisk is a Silicon Valley-based S&P 500 and Fortune 500 company, with more than half its sales outside the United States. For more information, visit www.sandisk.com.
© 2012 SanDisk Corporation. All rights reserved. SanDisk and the SanDisk logo are trademarks of SanDisk Corporation, registered in the United States and other countries. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
This press 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, termination or suspension of the repurchase program, which may occur at any time, changes in the manner in which we effectuate the program, we may use substantially less than the full $1.25 billion allocated under this repurchase program, fluctuations in the market price of our common stock 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. We do not intend to update the information contained in this press release.
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