Synopsys, Inc. (NASDAQ: SNPS) announced today that its Board of Directors has renewed its stock repurchase program originally approved in December 2002. Under the renewed program, the Company may repurchase Synopsys common stock with a market value up to $500 million (not including amounts purchased to date under the program) on the open market. Purchases under the renewed plan may be made at prevailing prices beginning immediately and ending at such time as the authorized funds are spent or the Company discontinues the program. The purchases will be funded from available working capital. The repurchased shares may be used for ongoing stock issuances, such as for existing employee stock option and stock purchase plans and acquisitions. Since December 2002, Synopsys has acquired a total of approximately 9.4 million shares, at an average price of approximately $27.72 (on a post-split basis).
Synopsys, Inc. is the world leader in electronic design automation (EDA) software for semiconductor design. The Company delivers technology-leading semiconductor design and verification platforms to the global electronics market, enabling the development of complex systems-on-chips (SoCs). Synopsys also provides intellectual property and design services to simplify the design process and accelerate time-to-market for its customers. Synopsys is headquartered in Mountain View, California, and has more than 60 offices located throughout North America, Europe, Japan and Asia. Visit Synopsys online at http://www.synopsys.com/ .
NOTE: Synopsys is a registered trademark of Synopsys Inc.
SOURCE: Synopsys, Inc.
CONTACT: Jessica Kourakos, +1-650-584-4289, or firstname.lastname@example.org, or
Craig Cochran, +1-650-584-4230, or email@example.com, both of Synopsys, Inc.
Web site: http://www.synopsys.com/