Riverbed Expands Stock Repurchase Program
Increases authorized share repurchase by $200 million; total program now at
SAN FRANCISCO -- August 19, 2013
Riverbed Technology (NASDAQ:RVBD), the application performance company,
announced today that its board of directors approved a $200 million increase
to the company’s share repurchase program first announced August19, 2011. The
total authorized repurchase amount under the program is now $500 million.
“We believe the current share price understates the strength of Riverbed’s
long-term growth prospects,” said Jerry M. Kennelly, Riverbed’s chief
executive officer. “This expansion of our stock repurchase program underscores
the confidence we have in our business, and demonstrates our continued
commitment to maximizing value for our shareholders.”
The stock purchases may be made from time to time on the open market in
compliance with applicable state and federal securities laws. The timing and
amounts of any purchases will be based on market conditions and other factors
including price, regulatory requirements and capital availability. The program
does not require the purchase of any minimum number of shares and may be
suspended, modified or discontinued at any time without prior notice.
Approximately $225million remains of the newly increased program.
Forward Looking Statements
This press release contains forward-looking statements, including statements
relating to Riverbed’s long-term growth prospects, and statements relating to
the stock repurchase program and the timing and amount, if any, of shares to
be purchased thereunder. These forward-looking statements involve risks and
uncertainties, as well as assumptions that, if they do not fully materialize
or prove incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. The risks and
uncertainties that could cause our results to differ materially from those
expressed or implied by such forward-looking statements include our ability to
react to trends and challenges in our business and the markets in which we
operate; our ability to anticipate market needs or develop new or enhanced
products to meet those needs; the adoption rate of our products; our ability
to establish and maintain successful relationships with our distribution
partners; our ability to compete in our industry; fluctuations in demand,
sales cycles and prices for our products and services; fluctuations in the
trading volume and market price of shares of our common stock; general
political, economic and market conditions and events; and other risks and
uncertainties described more fully in our documents filed with or furnished to
the Securities and Exchange Commission. More information about these and other
risks that may impact Riverbed's business are set forth in our Form 10-K filed
with the SEC for the period ended December 31, 2012, and our subsequent
quarterly reports filed with the SEC. All forward-looking statements in this
press release are based on information available to us as of the date hereof,
and we assume no obligation to update these forward-looking statements.
Riverbed delivers application performance for the globally connected
enterprise. With Riverbed, enterprises can successfully and intelligently
implement strategic initiatives such as virtualization, consolidation, cloud
computing, and disaster recovery without fear of compromising performance. By
giving enterprises the platform they need to understand, optimize and
consolidate their IT, Riverbed helps enterprises to build a fast, fluid and
dynamic IT architecture that aligns with the business needs of the
organization. Additional information about Riverbed (NASDAQ: RVBD) is
available at www.riverbed.com.
Riverbed and any Riverbed product or service name or logo used herein are
trademarks of Riverbed Technology, Inc. All other trademarks used herein
belong to their respective owners.
Renee Lyall, 415-247-6353 (Investor Relations)
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