MILPITAS, Calif., Jan. 21, 2015 – 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.
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.
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.
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