JNI Corporation Announces a $15 Million Stock Repurchase Program.
SAN DIEGO--(BUSINESS WIRE)--Sept. 19, 2001
JNI(R) Corporation (Nasdaq:JNIC), a leading supplier of Fibre Channel host bus adapters for the enterprise storage market, announced today that its board of directors has authorized a stock repurchase program.
Under the program, JNI may purchase up to $15 million of its common stock over the next twelve months.
Shares may be repurchased in open market and private transactions at prices and times considered appropriate by the company. The program is effective immediately. JNI has approximately 27 million shares of common stock outstanding.
"This repurchase program reflects the confidence our board of directors has in our country, our industry, and our company," said President and Chief Executive Officer Neal Waddington. "Our strong cash position and balance sheet allows us to implement this program while maintaining ample resources to finance our strategic initiatives."
About JNI Corporation
JNI Corporation is a leading manufacturer of enterprise-level products used to create storage networks, and is the dominant manufacturer of host bus adapters (HBAs) for the Solaris environment. JNI offers a broad line of FibreStar(R) HBAs, Emerald(TM) ASICs, and EZ Fibre(TM) and DriverSuite(TM) software for SANs. JNI's products operate on Solaris, Windows 2000, Windows NT, HP-UX, AIX, Novell, Linux and Mac OS systems. JNI customers, distributors and strategic partners include Acal FCS, Avid, Bell Microproducts, Brocade, Chaparral, Compaq StorageWorks, Consan, Crossroads, EMC, Eurologic, Gadzoox, GE Access, Hewlett-Packard, Hitachi Data Systems, IBM, Info X, LSI Logic, McDATA, Nishan Systems, StorageTek, Sun Microsystems, TidalWire and Veritas. Company headquarters are in San Diego, with offices throughout the U.S. and Munich (Munchen), Germany. www.jni.com.
Disclosure and Forward Looking Statements
With the exception of historical information, the statements made in this press release and in the JNI presentations include forward-looking statements (including particularly statements about JNI's anticipated operating results for the third quarter as well as implied or express statements about JNI's product and technology development efforts and its expectations about growth in the market for such products and technologies) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include: general economic conditions affecting the market for technology infrastructure products; our dependence on a small number of OEM and distribution channel customers; potential delays in product development; our dependence on sole source and limited source suppliers for key components; our dependence on growth in the market for servers utilizing the Solaris operating system; increasing competition in the Fibre Channel market; our exclusive focus on Fibre Channel products; rapid technological change in our industry; changes in the storage area networks market; our reliance on manufacturers in other countries; potential litigation involving intellectual property and other issues; and other risk factors discussed in the company's reports on Forms 10-K, 10-Q and other reports filed with the Securities and Exchange Commission, including the Company's most recent Form 10-K filed on March 23, 2001 and Form 10-Q filed on August 3, 2001.
JNI, JNIC, Emerald, FibreStar, DriverSuite and EZ Fibre are trademarks or registered trademarks of JNI Corp. All other trademarks are the property of their respective holders.