Check Point Software Increases Share Repurchase Program by 50%
February 09 2011 - 8:00AM
Marketwired
Check Point Software Technologies Ltd. (NASDAQ: CHKP), the
worldwide leader in securing the Internet, today announced that its
board of directors has authorized a 50% increase in its on-going
stock repurchase program. Under the expanded plan, Check Point is
authorized to repurchase $300 million of its outstanding shares
during 2011, up from $200 million in 2010.
As of December 31, 2010, Check Point has approximately 208.4
million shares of common stock outstanding; for the fourth quarter
of 2010, the number of diluted shares was approximately 214.4
million.
Since its initial share repurchase program announced in October
2003 through December 31, 2010, Check Point has purchased
approximately 79 million shares for a total of approximately $1.8
billion.
Share purchases will take place in the open market 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 the requirements of the Securities and Exchange
Commission. For 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 has
no time limit, 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.
About Check Point Software Technologies
Ltd. Check Point Software Technologies Ltd.
(www.checkpoint.com), the worldwide leader in securing the
Internet, is the only vendor to deliver Total Security for
networks, data and endpoints, unified under a single management
framework. Check Point provides customers with uncompromised
protection against all types of threats, reduces security
complexity and lowers total cost of ownership. Check Point first
pioneered the industry with FireWall-1 and its patented stateful
inspection technology. Today, Check Point continues to innovate
with the development of the Software Blade architecture. The
dynamic Software Blade architecture delivers secure, flexible and
simple solutions that can be fully customized to meet the exact
security needs of any organization or environment. Check Point
customers include tens of thousands of businesses and organizations
of all sizes including all Fortune 100 companies. Check Point's
award-winning ZoneAlarm solutions protect millions of consumers
from hackers, spyware and identity theft.
©2011 Check Point Software Technologies Ltd. All rights
reserved
Media Contact Stephanie Look Check Point Software
Technologies +1 650.628.2171 press@us.checkpoint.com Investor
Contact Kip E. Meintzer Check Point Software Technologies +1
650.628.2040 ir@us.checkpoint.com
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