Sunnyvale, CA-June 28, 2011 - NetApp, Inc. (NASDAQ: NTAP) today announced that it intends to repurchase an aggregate of $200 million of its common stock under its preexisting stock repurchase program, beginning in July 2011. After the completion of this transaction, $900 million will remain in the preexisting authorization. NetApp will, from time to time, purchase shares of common stock, subject to prevailing market conditions, in open market or privately negotiated transactions.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities.
NetApp creates innovative storage and data management solutions that deliver outstanding cost efficiency and accelerate business breakthroughs. Discover our passion for helping companies around the world go further, faster at www.netapp.com.
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"Safe Harbor" Statement Under U.S.
Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those statements regarding our intention to repurchase our common stock. These forward-looking statements involve risks and uncertainties, and actual results could vary. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, (1) failure to achieve the anticipated levels of cash generation due to lower sales, increased costs, higher inventories, slow collection of accounts receivable or other factors; (2) increases in the yield which could be obtained from alternative investment of the funds used to repurchase stock; and (3) an increased need for cash reserves beyond the levels presently anticipated. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
For more information concerning these and other possible risks, please refer to the Company's Annual Report on Form 10-K filed June 23, 2011, quarterly reports filed on Form 10-Q and other filings with the Securities and Exchange Commission as well as recent press releases.