Gartner Group announces share repurchase plan.STAMFORD, Conn.--(BUSINESS WIRE)--March 12, 1997-- Gartner Group (company) Gartner Group - One of the biggest IT industry research firms. Address: Connecticut, USA. , Inc. (Nasdaq: GART GART Phosphoribosylglycinamide Formyltransferase/Phosphoribosylglycinamide Synthetase/Phosphoribosylaminoimidazole Synthetase GART Graphics Address Remapping Table (AGP chipset) GART Graphics Address Relocation Table ) announced today that its Board of Directors has authorized the repurchase of up to 1.8 million shares of the company's outstanding Class A Common Stock. The stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program is intended to offset the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of the company's stock-based employee compensation plans. The program will be executed through a combination of open market transactions, purchase agreements and similar strategies when deemed appropriate. As of December 31, 1996, the company had 93.8 million shares outstanding. Commenting on the announcement, John Halligan John Halligan (4 May 1876 – 11 December 1934) was an admiral of the United States Navy in the early 20th century. Halligan, born 4 May 1876 in South Boston, Mass., graduated from the United States Naval Academy at the head of his class in 1898. , executive vice president and chief financial officer, stated, "Today's announcement is reflective of our confidence in the financial strength of the company and its ability to provide value for shareholders over time." Halligan continued, "Furthermore, our strong balance sheet and long-term outlook for continued growth of the business made buying back our stock an attractive use of investment capital." Gartner Group, Inc. is the world's leading provider of IT research, advisory and market research services. Founded in 1979 with headquarters in Stamford, CT., Gartner Group serves nearly 7,500 client organizations worldwide. Additional information about the company is available on the World Wide Web at http://www.gartner.com . CONTACT: Jennifer Schlueter, Investor Relations Investor relations The process by which the corporation communicates with its investors. 203/316-6537 jennifer.schlueter@gartner.com |
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