Cisco Authorizes Up to $10 Billion in Additional Stock Repurchases
SAN JOSE, CA--(Marketwire - November 16, 2007) - Cisco (NASDAQ: CSCO)
announced that at a regularly scheduled meeting of its board of
directors on November 15th, the board authorized up to $10 billion in
additional repurchases of its common stock, increasing the total
authorized amount under the program to $62 billion. There is no fixed
termination date for the repurchase program.
"We have consistently generated strong cash from operations," said
Dennis Powell, chief financial officer, Cisco. "This allows us to
return a significant amount of cash to our shareholders in the form
of stock repurchases while at the same time continue to make
strategic internal investments and acquisitions to drive future
growth."
Since the inception of the repurchase program in September 2001
through the close of Cisco's first quarter of fiscal year 2008 on
October 27, 2007, the company had repurchased and retired 2.3 billion
shares at an average price of $19.89 per share for an aggregate
purchase price of $46.2 billion, with a remaining authorized amount
of $5.8 billion.
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Robyn Jenkins-Blum
Cisco
Corporate Communications
408-853-9848
rojenkin@cisco.com
Marisa Ross
Cisco
Investor Relations
408-527-9830
mariross@cisco.com