Cisco Authorizes up to $7 Billion in Additional Stock Repurchases.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Cisco, the worldwide leader in networking that transforms how people connect, communicate and collaborate, announced that at a regularly scheduled meeting of its board of directors today, the board authorized up to $7 billion in additional repurchases of its common stock in addition to the remaining authorized amount of $3.1 billion. Cisco's board had previously authorized up to $40 billion in stock repurchases. There is no fixed termination date termination date, n See expiration date. for the repurchase program. "We continue to believe in our repurchase program as a way to optimize the value to our shareholders," said Dennis Powell Dennis Clay Powell (born August 13, 1963 in Moultrie, Georgia) is a former pitcher in Major League Baseball. He pitched from 1985-1993 for the Los Angeles Dodgers and Seattle Mariners. As a hitter, he had three hits in his career; all were doubles. , Chief Financial Officer, Cisco. "Today, our share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program allows us to return cash to our shareholders, while at the same time provides the flexibility to aggressively invest in the business for additional growth and differentiation, which we believe is good for both our customers and our shareholders." Since the inception of the repurchase program in September 2001 through the close of Cisco's first quarter of fiscal year 2007 on October 28, 2006, the company had repurchased and retired approximately 2.0 billion shares of common stock at an average price of $18.51 per share for an aggregate purchase price of approximately $36.9 billion. About Cisco Cisco (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ) is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, visit http://newsroom.cisco.com. Cisco, Cisco Systems, and the Cisco logo are registered trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion