Autodesk to Repurchase Shares
San Rafael, California, March 20, 2000 Autodesk, Inc. (Nasdaq: ADSK) today announced that its Board of Directors has approved the repurchase of up to 8,000,000 shares of the company's common stock. Since November 1999, Autodesk has repurchased 4.6 million shares and has 2.4 million shares under contract through derivative instruments maturing over the next 10 months. Autodesk currently has a total of 9 million shares available to repurchase including today's announcement.
The stock will be purchased from time to time at the direction of management, either directly or through derivative instruments. The number of shares to be purchased and the timing of purchases will be based on several factors, including general market conditions and the trading price of Autodesk® common stock. Purchases may be made in the open market or in privately negotiated transactions and will be funded from available working capital.
"Autodesk's management and Board of Directors are always looking to enhance shareholder value, and one of the ways is to repurchase shares," said Carol Bartz, Chairman and CEO. "We believe having the authority to repurchase an additional 8 million shares is an opportunity to provide significant value to our shareholders."
Any forward-looking statements in this release are necessarily subject to uncertainties based on various factors, including the level of stock issued under the company's employee stock plans, general stock market conditions, the price of Autodesk's stock, and the company's financial performance. Further information on potential factors that could affect the financial results of Autodesk are included in the Company's Report on Form 10Q for the fiscal quarter ended October 31, 1999, which are on file with the Securities and Exchange Commission.
Autodesk is the world's leading design and digital content creation resource. The company is providing software and Internet portal services to help customers drive business through the power of design. One of the largest software companies in the world, Autodesk helps designs become a reality for more than four million customers in over 150 countries. For more information, contact any Authorized Autodesk Reseller, call Autodesk at 800-964-6432, or visit www.autodesk.com. Discreet product information is available at 800-869-3504 or via the Web at www.discreet.com. Autodesk shares are traded on the Nasdaq national market under the symbol ADSK.
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