Exhibit
99.1
NVIDIA
ANNOUNCES TWO-FOR-ONE STOCK SPLIT
AND
$400,000,000 INCREASE IN STOCK REPURCHASE PROGRAM
SANTA
CLARA, CA—MARCH
6, 2006—NVIDIA
Corporation (Nasdaq: NVDA) today announced that its Board of Directors has
approved a two-for-one stock split of the Company’s outstanding shares of common
stock to be effected in the form of a 100% stock dividend. NVIDIA also announced
that its Board has approved an increase in the Company’s existing share
repurchase program.
Stock
Split
The
stock
split will entitle each stockholder of record at the close of business on
Friday, March 17, 2006 to receive one additional share for every outstanding
share of common stock held. The additional shares resulting from the stock
split
are expected to be distributed by the transfer agent on or about Thursday,
April
6, 2006. Upon the completion of the stock split, NVIDIA will have approximately
360 million shares of common stock outstanding.
Stock
Repurchase Program
The
Company also announced a $400,000,000 increase to the original stock repurchase
program it announced in August 2004. As a result of this increase, the amount
of
common stock the Board of Directors has authorized to be repurchased has now
been increased to a total of $700,000,000, of which the Company has purchased
approximately $263,000,000.
The
repurchases will be made from time to time in the open market, in privately
negotiated transactions, or in structured share repurchase programs, in
compliance with the Securities and Exchange Commission Rule 10b-18, subject
to
market conditions, applicable legal requirements, and other factors. The program
does not obligate NVIDIA to acquire any particular amount of common stock and
the program may be suspended at any time at the Company’s discretion. The
purchases will be funded from available working capital. As of January 29,
2006,
NVIDIA had over $950,000,000 of cash, cash equivalents, and marketable
securities.
About
NVIDIA
NVIDIA
Corporation is the worldwide leader in programmable graphics processor
technologies. The Company creates innovative, industry-changing products for
computing, consumer electronics, and mobile devices. NVIDIA is headquartered
in
Santa Clara, CA and has offices throughout Asia, Europe, and the Americas.
For
more information, visit www.nvidia.com.
Certain
statements in this press release including, but not limited to, timing and
extent of any stock repurchases, manner of stock repurchase, the date of the
distribution of the dividend and the number of shares outstanding after the
split are forward-looking statements that are subject to risks and uncertainties
that could cause results to be materially different than expectations. Such
risks and uncertainties include, but are not limited to, inability to complete
the stock split in a timely manner, the impact of technological developments,
difficulties in the development of new and enhanced products, our dependence
on
third-party manufacturers, general industry trends including cyclical trends
in
the semiconductor and PC industries, the impact of competition including
competitive products and pricing alternatives, slower than expected or
unanticipated changes in industry standards and interfaces, and other risks
detailed from time to time in the reports NVIDIA files with the Securities
and
Exchange Commission including its Form 10-Q for its quarter ended October 30,
2005. These forward-looking statements speak only as of the date of this
release. NVIDIA disclaims any obligation to update these forward-looking
statements.
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Copyright®
2006 NVIDIA Corporation. All rights reserved. All company and/or product names
may be trade names, trademarks and/or registered trademarks of the respective
owners with which they are associated. Features, pricing, availability, and
specifications are subject to change without notice.