Avid 2008 Annual Report Download - page 23

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18
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the NASDAQ Global Select Market under the symbol AVID. The table below shows the
high and low sales prices of the common stock for each calendar quarter of the fiscal years ended December 31, 2008
and 2007.
2008 2007
High Low High Low
First Quarter $28.38 $17.61 $38.36 $31.90
Second Quarter $25.61 $16.97 $38.78 $32.00
Third Quarter $29.91 $16.60 $38.34 $25.55
Fourth Quarter $25.00 $9.68 $29.58 $24.79
On March 13, 2009, the last reported sale price of our common stock on the NASDAQ Global Select Market was $9.65
per share. The approximate number of holders of record of our common stock at March 2, 2009 was 438. This number
does not include shareholders for whom shares were held in a “nominee” or “street” name.
We have never declared or paid cash dividends on our capital stock and we do not anticipate paying any cash dividends
in the foreseeable future.
Issuer Purchases of Equity Securities
The following table is a summary of our stock repurchases during the quarter ended December 31, 2008:
Period
Total Number
of Shares
Repurchased(a) Average Price
Paid Per Share
Total Number of
Shares Repurchased
as Part of the
Publicly Announced
Program
Dollar Value of
Shares That May
Yet be Purchased
Under the Program(b)
October 1 – October 31, 2008 – – – $80,325,905
November 1 – November 30, 2008 – – – $80,325,905
December 1 – December 31, 2008 2,837 $2.63 – $80,325,905
2,837 $2.63 – $80,325,905
(a) In December 2008, we repurchased 2,154 unvested shares of restricted stock for $0.01 per share from an
employee whose employment with us ended. Also in December 2008, we repurchased 683 shares of restricted
stock for $10.91 per share from the same employee to pay required withholding taxes upon the vesting of
restricted stock. The purchase price of a share of stock used for tax withholding is determined based on the
market price of the stock on the date of vesting of the restricted stock.
(b) A stock repurchase program was approved by our board of directors in April 2007, which authorized the
repurchase of up to $100 million of our common stock through transactions on the open market, in block trades
or otherwise. In February 2008, our board of directors approved a $100 million increase in the authorized funds
for the repurchase of our common stock under this program. During 2007, we repurchased 809,236 shares of our
common stock under the program for a total purchase price, including commissions, of $26.6 million. During
2008, we repurchased an additional 4,254,397 shares of our common stock for a total purchase price, including
commissions, of $93.2 million. As of December 31, 2008, $80.3 million remained available for future stock
repurchases under the program. The stock repurchase program is funded through working capital and has no
expiration date.