Adobe 2002 Annual Report Download - page 82

Download and view the complete annual report

Please find page 82 of the 2002 Adobe annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 147

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147

51
In fiscal 2002, we repurchased approximately 2.0 million shares at a cost of $38.2 million under our March
2001 5.0 million share repurchase program. We did not make any repurchases under this plan in fiscal 2001.
During December 2002, all outstanding put warrants and call options under the March 2001 5.0 million share
repurchase program expired without any cost to Adobe and as of December 20, 2002, there were no put warrants or
call options outstanding. As of December 20, 2002, authorization to repurchase 3.0 million shares remained under
the plan until it expires in March 2003.
On September 25, 2002, subject to certain business and market conditions, our Board of Directors authorized
the purchase of up to an additional 5.0 million shares of our common stock over a three-year period. We have not
made any purchases under this 5.0 million share repurchase program. This plan will expire in September 2005.
For more information on our puts and calls, please see Note 1 of our Notes to Consolidated Financial
Statements.
The tables below represent our authorized stock repurchase plans and summary of stock repurchases as of
November 29, 2002.
Authorized Stock Repurchase Plans as of November 29, 2002
(in thousands)
Board Approval Expiration Authorized Repurchases Authorization Put Options Remaining
Date Date Shares To Date Expired Outstanding Authorization
December 1997 N/A Ongoing
dilution 44,550 N/A 1,890 9,578(1)
April 1999 April 2001 5,000 4,687 313 — —
March 2001 March 2003 5,000 — — 2,986 —
September 2002 September 2005 5,000 — — — 5,000
Summary of Stock Repurchases for fiscal years 2002, 2001, and 2000 as of November 29, 2002
(in thousands, except average amounts)
Board Approval Repurchases
Date Under the Plan 2002 Average 2001 Average 2000 Average
December 1997......... From employees(2) 83 $ 35.5
5
733 $ 42.01 164 $ 60.98
Open market
—
—
452 35.6
4
Option exercises 8,517 29.6
0
4,726 57.78 7,020 34.96
April 1999................. Open market
—
—
—
—
—
Option exercises
—
—
4,687 35.2
4
—
March 2001............... Open market 1,899 18.5
8
—
—
—
Option exercises 116 28.5
8
—
—
—
Total shares 10,615 $ 27.63 10,598 $ 45.7
7
7,184 $ 35.56
Total cost $ 293,241 $ 485,11
5
$255,45
6
_______________________
(1) The remaining authorization for the ongoing stock repurchase plan is determined by subtracting repurchases from all stock
issuances, net of any canceled shares, beginning in the first quarter of fiscal 1998.
(2) The repurchases from employees represent shares canceled when surrendered in lieu of cash payments for the option
exercise price or withholding taxes due.