Fortinet Announces $200 Million Share Repurchase Program
SUNNYVALE, CA -- (Marketwired) -- 12/09/13 -- Fortinet(R) (NASDAQ:
FTNT) -- a leader in high-performance network security -- today
announced that its Board of Directors has authorized a share
repurchase program of up to $200 million through December 31, 2014.
Share repurchases may be made by the company from time to time in
privately negotiated transactions or in open market transactions.
"The implementation of our first share repurchase program reflects
Fortinet's confidence in the long-term strength and strategy of the
company, as well as our commitment to returning shareholder value,"
said Ken Xie, Fortinet's Founder, Chairman and CEO. "Though we remain
focused on continuing to invest in our business to capitalize on our
growth opportunities, at the same time, Fortinet's financial
performance and healthy cash flow generation allows us to be
confident and opportunistic in repurchasing shares."
The actual timing, number and value of shares repurchased under the
program will be determined by Fortinet management at its discretion,
and will depend on a number of factors, including the trading price
of the stock, and general market and business conditions and
applicable legal requirements. This program does not oblige Fortinet
to repurchase any shares under the authorization, and the program may
be suspended, discontinued or modified at any time, for any reason
and without notice.
About Fortinet (www.fortinet.com)
Fortinet (NASDAQ: FTNT) is a worldwide provider of network security
appliances and a market leader in unified threat management (UTM).
Our products and subscription services provide broad, integrated and
high-performance protection against dynamic security threats while
simplifying the IT security infrastructure. Our customers include
enterprises, service providers and government entities worldwide,
including a majority of the 2012 Fortune Global 100. Fortinet's
flagship FortiGate product delivers ASIC-accelerated performance and
integrates multiple layers of security designed to help protect
against application and network threats. Fortinet's broad product
line goes beyond UTM to help secure the extended enterprise -- from
endpoints, to the perimeter and the core, including databases and
applications. Fortinet is headquartered in Sunnyvale, Calif., with
offices around the world.
Copyright Copyright 2013 Fortinet, Inc. All rights reserved. The
symbols (R) and (TM) denote respectively federally registered
trademarks and unregistered trademarks of Fortinet, Inc., its
subsidiaries and affiliates. Fortinet's trademarks include, but are
not limited to, the following: Fortinet, FortiGate, FortiGuard,
FortiManager, FortiMail, FortiClient, FortiCare, FortiAnalyzer,
FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP,
FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiDB
and FortiWeb. Other trademarks belong to their respective owners.
This press release contains forward-looking statements that involve
risks and uncertainties. These forward-looking statements include
statements regarding our business prospects and timing of share
repurchases. Although we attempt to be accurate in making
forward-looking statements, it is possible that future circumstances
might differ from the assumptions on which such statements are based.
Important factors that could cause results to differ materially from
the statements herein include the following: the price per share of
our common stock; general market and business conditions; applicable
legal requirements, the fact that management may not fully utilize
the authorized amount due to market conditions, changes in the
business or otherwise; and the success of Fortinet's business, cash
flows and financial results, which could be affected by any of the
items discussed in the "Risk Factors" section ; our most recent
Annual Report on Form 10-K, our most recent Quarterly Report on Form
10-Q and our other filings with the SEC, copies of which are
available free of charge at the SEC's website at www.sec.gov or upon
request from our investor relations department. All forward-looking
statements herein reflect our opinions only as of the date of this
release, and we undertake no obligation, and expressly disclaim any
obligation, to update forward-looking statements herein in light of
new information or future events.
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