Sunnyvale, CA-June 28, 2011– NetApp, Inc. (NASDAQ: NTAP) today announced that it intends torepurchase an aggregate of $200 million of its common stock underits preexisting stock repurchase program, beginning in July 2011.After the completion of this transaction, $900 million will remainin the preexisting authorization. NetApp will, from time to time,purchase shares of common stock, subject to prevailing marketconditions, in open market or privately negotiatedtransactions.
This press release is neither an offer topurchase nor a solicitation of an offer to sell any securities.
NetApp creates innovative storage and data management solutionsthat deliver outstanding cost efficiency and accelerate businessbreakthroughs. Discover our passion for helping companies aroundthe world go further, faster at www.netapp.com.
NetApp, the NetApp logo, Go further, faster,and Data ONTAP are trademarks or registered trademarks of NetApp,Inc. in the United States and/or other countries. All other brandsor products are trademarks or registered trademarks of theirrespective holders and should be treated as such.
“Safe Harbor” Statement Under U.S.Private Securities Litigation Reform Act of 1995
This press release contains forward-lookingstatements within the meaning of the Private Securities LitigationReform Act of 1995. These statements include those statementsregarding our intention to repurchase our common stock. Theseforward-looking statements involve risks and uncertainties, andactual results could vary. Important factors that could causeactual results to differ materially from those in theforward-looking statements include, but are not limited to, (1)failure to achieve the anticipated levels of cash generation due tolower sales, increased costs, higher inventories, slow collectionof accounts receivable or other factors; (2) increases in the yieldwhich could be obtained from alternative investment of the fundsused to repurchase stock; and (3) an increased need for cashreserves beyond the levels presently anticipated. We disclaim anyobligation to update information contained in these forward-lookingstatements whether as a result of new information, future events,or otherwise.
For more informationconcerning these and other possible risks, please refer to theCompany’s Annual Report on Form 10-K filed June 23, 2011, quarterlyreports filed on Form 10-Q and other filings with the Securitiesand Exchange Commission as well as recent pressreleases.