Cisco Systems Authorizes Up to $7 Billion in Additional Stock Repurchases.Business Editors/High-Tech Writers 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.--(BUSINESS WIRE)--Sept. 23, 2003 Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc. (Nasdaq:CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ) today announced that at a regularly scheduled meeting of its board of directors, the board authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: up to $7 billion in additional repurchases of its common stock with no termination date termination date, n See expiration date. . The board had previously authorized up to $13 billion in stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. . "We continue to evaluate the most effective use of our cash," 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. , senior vice president and chief financial officer, Cisco Systems. "Today, we believe the stock repurchase program, along with ongoing strategic investments and a strong cash balance, are in the best interest of our shareholders." Under the Cisco stock repurchase program, purchases may be made in the open market, through block trades or otherwise. Depending on market conditions and other factors, purchases may be commenced or suspended at any time or from time-to-time without prior notice. Cisco announced the stock repurchase program in September 2001, when the board approved the repurchase of up to $3 billion of Cisco common stock. In August 2002, the board extended the program by an additional $5 billion. In March 2003, the board increased the program by an additional $5 billion with no termination date. As of July 26, 2003, the company had repurchased and retired 548 million shares of Cisco common stock for an aggregate purchase price of $7.8 billion since inception of the program, and the remaining authorized amount for stock repurchases under the program was $5.2 billion. About Cisco Systems Cisco Systems, Inc., (Nasdaq:CSCO) is the worldwide leader in networking for the Internet. News and information are available at www.cisco.com. Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks of Cisco Systems, Inc. and/or its affiliates in the U.S. and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. |
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