NewswireToday - /newswire/ -
Redwood City, CA, United States, 2011/02/09 - Check Point Software Technologies Ltd (NASDAQ: CHKP), the worldwide leader in securing the Internet, 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 (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.