Check Point Software Extends Share Repurchase Program by $600 Million
Monday May 22, 8:30 am ET
REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 22, 2006--Check Point Software Technologies Ltd. (Nasdaq:CHKP - News), the worldwide leader in securing the Internet, today announced that its Board of Directors has authorized the repurchase of up to an additional $600 million of its outstanding common stock in the open market or through privately negotiated transactions.
Under the repurchase program, share purchases may be made from time to time depending on market conditions, share price, trading volume and other factors, and 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. As of March 31, 2006, Check Point had approximately 246 million shares of common stock outstanding on a fully diluted basis.
Since its initial share repurchase program commenced in October 2003, Check Point has purchased approximately 28.2 million shares for a total of approximately $600 million. http://biz.yahoo.com/bw/060522/20060522005615.html?.v=1