Cisco Systems Authorizes Up To $5 Billion in Additional Stock Repurchases
June 8, 2006
SAN JOSE, Calif., - Cisco Systems, Inc. today announced that at a regularly scheduled meeting of its board of directors on June 7, 2006, the board authorized up to $5 billion in additional repurchases of its common stock. Cisco’s board had previously authorized up to $35 billion in stock repurchases. There is no fixed termination date for the repurchase program.
“We evaluate our use of cash on a regular basis to determine the best way to optimize the value to our shareholders,” said Dennis Powell, Chief Financial Officer, Cisco Systems. “Today, our share repurchase 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 within our overall corporate strategy.”
Since the inception of the repurchase program in September 2001 through the close of Cisco’s third quarter fiscal year 2006 on April 29, 2006, the company had repurchased and retired approximately 1.8 billion shares of common stock at an average price of $18.21 per share for an aggregate purchase price of approximately $32.6 billion, with a remaining authorized amount of approximately $2.4 billion.
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